UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-5235
---------------------
Nuveen California Municipal Value Fund, Inc.
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: August 31
------------------
Date of reporting period: February 28, 2005
------------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
SEMIANNUAL REPORT February 28, 2005
Nuveen Investments
Municipal Closed-End
Exchange-Traded
Funds
NUVEEN CALIFORNIA MUNICIPAL VALUE FUND, INC.
NCA
NUVEEN CALIFORNIA PERFORMANCE PLUS MUNICIPAL FUND, INC.
NCP
NUVEEN CALIFORNIA MUNICIPAL MARKET OPPORTUNITY FUND, INC.
NCO
NUVEEN CALIFORNIA INVESTMENT QUALITY MUNICIPAL FUND, INC.
NQC
NUVEEN CALIFORNIA SELECT QUALITY MUNICIPAL FUND, INC.
NVC
NUVEEN CALIFORNIA QUALITY INCOME MUNICIPAL FUND, INC.
NUC
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Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
For all American taxpayers, the date of this chairman's letter carries special
significance. Therefore, I am especially pleased on this day to report that over
the six-month period covered by this semiannual report your Fund continued to
provide you with monthly tax-free income and an attractive total return. For
more details about the management strategy and performance of your Fund, please
see the Portfolio Manager's Comments and Performance Overview sections of this
report.
As I noted in my last letter to you, our conversations with financial advisers
and investors suggest that many of you may be wondering whether long-term
interest rates will soon begin to rise substantially, how high rates might
eventually go, and whether that makes this a good time to adjust your holdings
of fixed-income investments. We can't answer these questions for you - no one
knows what the future will bring.
"IN FACT, A WELL-DIVERSIFIED PORTFOLIO MAY ACTUALLY HELP TO REDUCE YOUR OVERALL
INVESTMENT RISK."
From our experience, we do know that a well-balanced portfolio, structured and
carefully monitored with the help of a trusted investment professional, can be
an important component in helping you achieve your long-term financial goals. In
fact, a well-diversified portfolio may actually help to reduce your overall
investment risk. That is one reason why we believe that a municipal bond
investment like your Nuveen Fund can be an important building block in a
comprehensive investment program designed to perform well in a variety of market
conditions.
As in past reports, I urge you to consider receiving future Fund reports and
other Fund information by e-mail and the Internet. Not only will you be able to
receive the information faster, but this also may help lower your Fund's
expenses. Sign up is quick and easy - see the inside front cover of this report
for instructions.
Some of you may have heard that in April, 2005, The St. Paul Travelers
Companies, Inc., which had owned 79% of Nuveen Investments, Inc. (the parent of
your Fund's investment adviser) completed a public offering of a substantial
portion of its equity stake in Nuveen. At the same time, St. Paul Travelers also
entered into agreements to sell the balance of its shares in Nuveen to us or to
others at a future date.
These transactions will have no impact on the investment objectives or
management of your Fund. However, taken as a whole they are considered to be an
"assignment" of your Fund's investment management agreement. This means that you
and your fellow Fund shareholders soon will be asked to formally approve the
continuation of your Fund's management contract with Nuveen. We will be sending
you more information about this process in the coming weeks.
At Nuveen Investments, our mission continues to be to assist you and your
financial advisor by offering investment services and products that can help you
to secure your financial objectives. We are grateful that you have chosen us as
a partner as you pursue your financial goals, and we look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
April 15, 2005
Nuveen California Municipal Closed-End Exchange-Traded Funds
(NCA, NCP, NCO, NQC, NVC, NUC)
Portfolio Manager's
COMMENTS
Portfolio manager Scott Romans reviews key investment strategies and the
semiannual performance of these Funds. Scott, who joined Nuveen in 2000, has
managed these six Funds since January 2003.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE CALIFORNIA FUNDS DURING THE SIX
MONTH PERIOD ENDED FEBRUARY 28, 2005?
Between September 2004 and February 2005, the Federal Reserve introduced four
quarter-point increases in the fed funds rate, raising this short-term interest
rate target from 1.5% to 2.5%. (On March 22, 2005, following the end of this
reporting period, the Fed announced another 0.25% hike, taking the fed funds
rate to 2.75%.) With the market anticipating increases in interest rates
throughout the period, our focus centered on finding bonds that we believed
could add immediate value to the Funds' portfolios and also had the potential to
perform well under a variety of future market scenarios.
Overall, our purchase activity emphasized premium bonds (those trading above
their par value) in the intermediate and long-intermediate parts of the yield
curve - that is, bonds that mature in 20 to 25 years. During the last two months
of this period, we also began to focus on bonds slightly further out on the
yield curve. Generally speaking, our purchases of specific bonds during this
period were influenced primarily by the bond's positioning on the yield curve,
and secondarily on factors such as credit rating or industry sector, except when
the need to maintain adequate diversification was an issue.
Some of the additions to our portfolios during this period were financed with
the proceeds from sales of lower-rated holdings, as we worked to improve the
Funds' risk profiles by taking advantage of opportunities to selectively trim
some of our more concentrated BBB and nonrated positions. Because lower-rated
bonds generally performed well over the past year, demand for these bonds was
strong, especially in California, where investors actively sought higher yields.
As a result, we were able to obtain attractive prices for the bonds we sold. In
some cases, we reinvested the proceeds into other lower-rated and nonrated
issues when the market provided suitable opportunities. Among the additions to
our portfolios during this period was a BBB+ rated credit issued for Daughters
of Charity Health, which was added to all six Funds.
4
In February 2005, we also added AAA rated bonds issued for Rancho Santiago
Community College District to NCO and NVC. This issue, which had a 5% coupon and
a maturity date of 2027, provides an example of the types of purchases we were
making in terms of structure and yield curve positioning.
During this reporting period, most of the Funds also reduced their positions in
prerefunded bonds and bonds with shorter maturities, which tended to
underperform over the six months. Most of these proceeds were redeployed into
bonds within the targeted maturity ranges and that offered at least 10 years of
call protection.
HOW DID THE FUNDS PERFORM OVER THE SIX MONTH PERIOD?
Individual results for the Nuveen California Funds, as well as for comparative
indexes, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 2/28/05
6-MONTH 1-YEAR 5-YEAR 10-YEAR
--------------------------------------------------------------------------------
NCA1 3.54% 4.25% 7.49% 5.95%
--------------------------------------------------------------------------------
NCP 4.43% 5.10% 8.88% 7.14%
--------------------------------------------------------------------------------
NCO 4.68% 5.76% 9.02% 7.22%
--------------------------------------------------------------------------------
NQC 4.16% 5.05% 9.07% 7.03%
--------------------------------------------------------------------------------
NVC 4.71% 5.63% 9.20% 7.49%
--------------------------------------------------------------------------------
NUC 5.55% 5.99% 8.60% 7.49%
--------------------------------------------------------------------------------
Lehman Brothers CA
Tax-Exempt
Bond Index2 2.97% 4.01% 7.21% 6.65%
--------------------------------------------------------------------------------
Lipper CA
Municipal Debt
Funds Average3 2.76% 5.56% 6.53% 5.81%
--------------------------------------------------------------------------------
* Six-month returns are cumulative; returns for one year, five years, and ten
years are annualized.
Past performance is not predictive of future results.
Current performance may be higher or lower than the data shown. Returns do not
reflect the deduction of taxes that shareholders may have to pay on Fund
distributions or upon the sale of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the six months ended February 28, 2005, the cumulative returns on NAV for
all six Funds outperformed the return on the Lehman Brothers California
Tax-Exempt Bond Index.
1 NCA is an unleveraged Fund; the other five Funds are leveraged.
2 The Lehman Brothers California Tax-Exempt Bond Index is an unleveraged,
unmanaged index comprising a broad range of investment-grade California
municipal bonds. Results for the Lehman index do not reflect any expenses.
3 The Lipper California Municipal Debt Funds category average is calculated
using the returns of all leveraged and unleveraged closed-end
exchange-traded funds in this category for each period as follows: 6
months, 30 funds; 1 year, 30 funds; 5 years, 19 funds; and 10 years, 17
funds. Fund and Lipper returns assume reinvestment of dividends.
5
Each of the Funds also outperformed the average return for their Lipper
California Fund peer group.
One factor benefiting the six-month performances of these Funds (with the
exception of the unleveraged NCA) relative to that of the unleveraged Lehman
Brothers California Fund index was the Funds' use of financial leverage. While
leveraging can add volatility to the Funds' NAVs and share prices, especially
during periods when interest rates rise, this strategy can also provide
opportunities for additional income and total returns for common shareholders
when short-term interest rates remain relatively low and long-term rates fall or
remain fairly constant, as they did during this reporting period.
Although short-term rates remained historically low over this period, they did
rise in response to increases in the fed funds rate. At the same time,
longer-term yields fell by 20 basis points between the end of August 2004 and
the end of February 2005, as measured by the Bond Buyer 25, a widely followed
municipal bond index. As a result of the inverse relationship between bond
prices and bond yields, bonds with longer maturities generally tended to perform
better than securities with shorter maturities. This benefited Funds such as
NUC, which had relatively more exposure to the longer end of the yield curve
than the other five Funds, while NCA's performance over much of this period was
hampered by its relatively larger weighting of bonds at the short end of the
curve.
All of the Funds benefited from their allocations of lower quality bonds during
this period, with bonds rated BBB and nonrated bonds generally outperforming
other credit quality sectors as the economy improved. In particular, the Funds'
returns were helped by our selection of individual nonrated credits, which
tended to outperform the nonrated segment of the market as a whole.
Among the lower quality credits producing the strongest performance were bonds
backed by the 1998 master tobacco settlement agreement, as the litigation
environment improved and the supply/demand situation drove tobacco bond prices
higher. As of
6
February 28, 2005, all of these Funds held positions in tobacco bonds, with NUC
having the heaviest weighting, at approximately 5%, and NQC the smallest, at
less than 1%.
Our sector allocation decisions also made positive contributions to the Funds'
cumulative six-month returns, especially our emphasis on healthcare, which
ranked second in terms of performance among the Lehman municipal revenue sectors
for the period.
One area of the municipal market that tended to underperform during this period
was the pre-refunded sector, due primarily to these bonds' shorter effective
maturities. As of February 28, 2005, NCA and NUC had larger exposures to
pre-refunded bonds, than the other Funds in this report. This served as a mild
constraint on the Fund's performance during this period.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
FEBRUARY 28, 2005?
We continued to believe that, given the current geopolitical and economic
climate, maintaining strong credit quality was an important requirement. As of
February 28, 2005, all six of these Funds continued to offer excellent credit
quality, with allocations of bonds rated AAA/U.S. guaranteed and AA ranging from
55% in NCA and 70% in NUC to 71% in NVC, 72% in NCP, 73% in NCO, and 76% in NQC.
As of February 28, 2005, potential call exposure for the period March 2005
through the end of 2006 ranged from 10% in NQC and 12% in NCP to 14% in NVC and
NUC, 15% in NCA, and 16% in NCO. The number of actual bond calls in all of these
Funds depends largely on future market interest rates.
7
Dividend and Share Price
INFORMATION
As short-term interest rates remained relatively low throughout this reporting
period, the leveraged structures of NCP, NCO, NQC, NVC and NUC continued to
support their dividend-paying capabilities. The extent of this benefit is tied
in part to the short-term rates these Funds pay their MuniPreferred(R)
shareholders. During periods of low short-term rates, leveraged Funds generally
pay lower dividends to their MuniPreferred shareholders, which can leave more
earnings to support common share dividends. This strategy helped to maintain the
dividends of these five Funds throughout the reporting period. The dividend of
the unleveraged NCA also remained stable over this six-month period.
In addition, due to capital gains generated by normal portfolio activity, common
shareholders received capital gains and net ordinary income distributions at the
end of December 2004, as follows:
LONG-TERM
CAPITAL GAINS ORDINARY INCOME
(PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NCA $0.0800 $0.0057
--------------------------------------------------------------------------------
NCP $0.1714 $ --
--------------------------------------------------------------------------------
NQC $0.1057 $ --
--------------------------------------------------------------------------------
NVC $0.1003 $0.0120
--------------------------------------------------------------------------------
NUC $0.0793 $ --
--------------------------------------------------------------------------------
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of February 28, 2005, all of
the Funds in this report had positive UNII balances for both financial statement
and tax purposes.
8
At the end of the reporting period, the Funds' share prices were trading at
discounts to their NAVs as shown in the accompanying chart:
2/28/05 6-MONTH AVERAGE
DISCOUNT DISCOUNT
--------------------------------------------------------------------------------
NCA -6.05% -8.16%
--------------------------------------------------------------------------------
NCP -4.62% -7.83%
--------------------------------------------------------------------------------
NCO -6.41% -7.26%
--------------------------------------------------------------------------------
NQC -2.61% -5.62%
--------------------------------------------------------------------------------
NVC -4.76% -5.56%
--------------------------------------------------------------------------------
NUC -1.84% -3.31%
--------------------------------------------------------------------------------
9
Nuveen California Municipal Value Fund, Inc.
NCA
Performance
OVERVIEW As of February 28, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 51%
AA 4%
A 17%
BBB 18%
NR 9%
BB or Lower 1%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.04
Apr 0.04
May 0.04
Jun 0.0385
Jul 0.0385
Aug 0.0385
Sep 0.0385
Oct 0.0385
Nov 0.0385
Dec 0.0385
Jan 0.0385
Feb 0.0385
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/1/04 9.95
9.81
9.85
9.76
9.86
9.9
9.85
9.86
9.92
9.9
9.9
9.8
9.78
9.8
9.74
9.75
9.71
9.65
9.65
9.75
9.77
9.74
9.82
9.75
9.39
9.18
9.25
9.29
9.34
9.24
9.15
9.16
8.97
9.13
9.12
9.11
8.99
9.03
8.91
8.95
8.92
9.1
9.07
9.05
9.05
8.94
9.1
9.01
8.9
8.85
8.96
8.9
8.9
8.98
9.02
8.95
9
9.04
9.02
9.01
8.98
9.11
9.1
9.07
9.07
8.95
8.94
8.92
8.93
8.99
8.95
8.94
8.84
8.62
8.688
8.8
8.8
8.78
8.77
8.86
8.88
8.89
8.77
8.77
8.76
8.91
8.82
8.94
8.93
8.93
8.91
8.94
8.93
8.91
8.9
8.95
8.94
8.91
8.96
8.91
8.92
8.97
8.89
8.93
8.99
9.04
9.07
9.07
9.05
9.03
9.07
9.04
9.08
9.14
9.23
9.19
9.18
9.18
9.22
9.28
9.22
9.3
9.24
9.14
9.118
9.2
9.14
9.19
9.18
9.27
9.21
9.29
9.29
9.3
9.3
9.3
9.31
9.29
9.27
9.3
9.29
9.28
9.32
9.35
9.4
9.32
9.44
9.54
9.54
9.54
9.5
9.49
9.39
9.5
9.52
9.5
9.51
9.5
9.44
9.37
9.34
9.38
9.38
9.4
9.39
9.5
9.5
9.45
9.5
9.5
9.53
9.62
9.62
9.49
9.46
9.5
9.54
9.54
9.44
9.52
9.42
9.42
9.47
9.62
9.7
9.61
9.6
9.55
9.56
9.56
9.53
9.44
9.48
9.54
9.35
9.36
9.46
9.35
9.33
9.36
9.35
9.35
9.25
9.18
9.17
9.18
9.22
9.19
9.19
9.2
9.14
9.19
9.15
9.2
9.2
9.24
9.31
9.31
9.22
9.23
9.35
9.31
9.33
9.23
9.29
9.24
9.29
9.23
9.24
9.3
9.24
9.3
9.26
9.33
9.31
9.42
9.49
9.55
9.8
9.74
9.74
9.73
9.75
9.82
9.63
9.68
9.57
9.56
9.54
9.51
9.41
9.43
9.55
9.58
2/28/05 9.62
FUND SNAPSHOT
------------------------------------
Share Price $9.62
------------------------------------
Common Share
Net Asset Value $10.24
------------------------------------
Premium/(Discount) to NAV -6.05%
------------------------------------
Market Yield 4.80%
------------------------------------
Taxable-Equivalent Yield1 7.33%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $258,534
------------------------------------
Average Effective Maturity
on Securities (Years) 19.02
------------------------------------
Modified Duration 5.46
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/07/87)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 7.31% 3.54%
------------------------------------
1-Year 2.57% 4.25%
------------------------------------
5-Year 9.38% 7.49%
------------------------------------
10-Year 5.40% 5.95%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 37.4%
------------------------------------
Tax Obligation/General 14.0%
------------------------------------
U.S. Guaranteed 11.2%
------------------------------------
Healthcare 10.7%
------------------------------------
Utilities 6.0%
------------------------------------
Long-Term Care 4.5%
------------------------------------
Housing/Multifamily 4.5%
------------------------------------
Other 11.7%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 34.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.0857 per share.
10
Nuveen California Performance Plus Municipal Fund, Inc.
NCP
Performance
OVERVIEW As of February 28, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 60%
AA 12%
A 16%
BBB 10%
NR 2%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.0775
Apr 0.0775
May 0.0775
Jun 0.0775
Jul 0.0775
Aug 0.0775
Sep 0.0775
Oct 0.0775
Nov 0.0775
Dec 0.0775
Jan 0.0775
Feb 0.0775
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/1/04 14.95
14.89
14.89
14.88
14.97
15.04
15.08
15.1
15.08
15.06
15.07
15.08
15.02
15.1
15.07
15.09
15.04
15
14.98
14.97
15
14.99
15.06
15.12
15.06
14.9
14.72
14.78
14.72
14.55
14.4
14.12
14.24
14.18
14.2
14.02
13.92
13.85
13.75
13.6
13.68
13.6
13.5
13.51
13.47
13.47
13.43
13.25
13.08
13
13.22
13.08
12.94
13.09
12.95
12.88
13
13.13
13.25
13.35
13.32
13.5
13.48
13.51
13.51
13.48
13.52
13.45
13.4
13.35
13.44
13.44
13.36
13.26
13.34
13.28
13.3
13.25
13.28
13.21
13.26
13.28
13.28
13.39
13.26
13.39
13.46
13.62
13.69
13.59
13.84
13.8
13.87
13.75
13.7
13.69
13.79
13.79
13.69
13.6
13.608
13.7
13.71
13.53
13.63
13.65
13.79
13.79
13.8
13.83
13.89
14
14.2
14.2
14.35
14.19
14.19
14.36
14.31
14.35
14.3
14.45
14.49
14.3
14.47
14.56
14.28
14.21
14.2
14.26
14.26
14.31
14.23
14.32
14.35
14.28
14.31
14.24
14.21
14.27
14.31
14.35
14.38
14.38
14.41
14.46
14.5
14.52
14.53
14.49
14.4
14.43
14.39
14.4
14.36
14.39
14.42
14.57
14.58
14.49
14.59
14.64
14.64
14.61
14.57
14.63
14.64
14.66
14.61
14.65
14.65
14.74
14.74
14.75
14.75
14.79
14.83
14.69
14.61
14.54
14.51
14.37
14.49
14.53
14.42
14.47
14.48
14.48
14.47
14.4
14.44
14.47
14.29
14.16
14.07
13.95
14.14
14.05
14.12
14.17
14.18
14.23
14.03
13.98
13.99
13.97
13.9
13.93
14.02
13.92
13.96
13.96
13.99
13.959
13.99
13.99
14
13.97
13.97
14.09
14.14
14.14
14.2
14.09
14.15
14.21
14.16
14.24
14.48
14.45
14.35
14.28
14.38
14.42
14.43
14.45
14.55
14.59
14.63
14.59
14.65
14.7
14.68
14.73
14.7
14.8
14.86
14.8
14.61
14.55
14.55
14.62
14.78
14.83
2/28/05 14.85
FUND SNAPSHOT
------------------------------------
Share Price $14.85
------------------------------------
Common Share
Net Asset Value $15.57
------------------------------------
Premium/(Discount) to NAV -4.62%
------------------------------------
Market Yield 6.26%
------------------------------------
Taxable-Equivalent Yield1 9.56%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $201,830
------------------------------------
Average Effective Maturity
on Securities (Years) 17.06
------------------------------------
Leverage-Adjusted Duration 8.83
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/15/89)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 8.83% 4.43%
------------------------------------
1-Year 7.69% 5.10%
------------------------------------
5-Year 6.85% 8.88%
------------------------------------
10-Year 6.86% 7.14%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/General 21.3%
------------------------------------
Transportation 19.5%
------------------------------------
Tax Obligation/Limited 19.5%
------------------------------------
Water and Sewer 10.2%
------------------------------------
Utilities 9.5%
------------------------------------
Healthcare 7.0%
------------------------------------
Other 13.0%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 34.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders a capital gains distribution in December
2004 of $0.1714 per share.
11
Nuveen California Municipal Market Opportunity Fund, Inc.
NCO
Performance
OVERVIEW As of February 28, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 57%
AA 16%
A 13%
BBB 10%
NR 2%
BB or Lower 2%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Mar 0.079
Apr 0.079
May 0.079
Jun 0.079
Jul 0.079
Aug 0.079
Sep 0.079
Oct 0.079
Nov 0.079
Dec 0.079
Jan 0.079
Feb 0.079
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/31/04 15.14
15.22
15.16
15.14
15.22
15.46
15.41
15.49
15.39
15.5
15.36
15.45
15.37
15.4
15.4
15.6
15.5
15.45
15.42
15.36
15.37
15.36
15.35
15.45
15.35
15.33
14.99
15.06
15.01
14.95
14.48
14.3
14.15
14.49
14.32
14.2
14.1
13.92
13.8
13.79
13.75
13.72
13.49
13.53
13.57
13.54
13.48
13.52
13.22
13.07
13.24
13.2
12.99
13.03
13.12
13.01
13.25
13.3
13.29
13.4
13.73
13.73
13.76
13.81
13.81
13.74
13.65
13.65
13.7
13.71
13.64
13.65
13.62
13.49
13.53
13.55
13.49
13.45
13.52
13.45
13.45
13.53
13.48
13.65
13.58
13.67
13.57
13.85
13.99
13.88
13.92
13.98
13.99
13.83
13.82
13.78
13.76
13.82
13.82
13.75
13.72
13.78
13.8
13.75
13.81
13.79
13.86
13.86
13.96
14.03
14.03
14.08
14.27
14.13
14.14
14.13
14.2
14.26
14.21
14.19
14.18
14.39
14.38
14.49
14.48
14.54
14.38
14.33
14.37
14.45
14.455
14.442
14.47
14.69
14.75
14.67
14.75
14.71
14.6
14.6
14.6
14.63
14.94
14.77
14.91
14.84
14.78
14.89
14.89
14.91
14.71
14.79
14.78
14.73
14.78
14.76
14.88
14.87
14.93
14.93
15.03
15.04
15.02
15
14.95
15.03
15.04
14.94
14.98
15
14.95
14.95
14.95
14.88
15.07
15.13
15.13
14.83
14.5
14.47
14.4
14.35
14.43
14.65
14.55
14.64
14.7
14.64
14.69
14.69
14.66
14.66
14.77
14.69
14.69
14.58
14.7
14.58
14.55
14.67
14.6
14.62
14.43
14.42
14.455
14.39
14.25
14.3
14.21
14.3
14.22
14.18
14.19
14.13
14.16
14.12
14.15
14.14
14.17
14.2
14.34
14.38
14.39
14.3
14.36
14.34
14.58
14.58
14.58
14.61
14.58
14.57
14.59
14.64
14.68
14.89
14.92
14.96
15.12
15.105
15.24
15.24
15.16
15.1
15.01
15
14.95
15.03
14.81
14.59
14.54
14.5
14.59
14.98
2/28/05 14.9
FUND SNAPSHOT
------------------------------------
Share Price $14.90
------------------------------------
Common Share
Net Asset Value $15.92
------------------------------------
Premium/(Discount) to NAV -6.41%
------------------------------------
Market Yield 6.36%
------------------------------------
Taxable-Equivalent Yield1 9.71%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $129,809
------------------------------------
Average Effective Maturity
on Securities (Years) 18.09
------------------------------------
Leverage-Adjusted Duration 8.43
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/17/90)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 6.47% 4.68%
------------------------------------
1-Year 4.95% 5.76%
------------------------------------
5-Year 6.43% 9.02%
------------------------------------
10-Year 6.54% 7.22%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 23.3%
------------------------------------
Tax Obligation/General 22.6%
------------------------------------
Transportation 17.0%
------------------------------------
Water and Sewer 11.1%
------------------------------------
Healthcare 8.0%
------------------------------------
Utilities 5.8%
------------------------------------
Other 12.2%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 34.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
12
Nuveen California Investment Quality Municipal Fund, Inc.
NQC
Performance
OVERVIEW As of February 28, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 65%
AA 11%
A 12%
BBB 9%
NR 1%
BB or Lower 2%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.0795
Apr 0.0795
May 0.0795
Jun 0.0795
Jul 0.0795
Aug 0.0795
Sep 0.0795
Oct 0.0795
Nov 0.0795
Dec 0.0795
Jan 0.0795
Feb 0.0795
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/1/04 15.26
15.26
15.23
15.2
15.31
15.43
15.45
15.41
15.55
15.47
15.53
15.56
15.6
15.47
15.6
15.51
15.5
15.46
15.5
15.48
15.43
15.4
15.3
15.3
15.26
14.86
14.89
14.84
14.81
14.8
14.53
14.45
14.45
14.57
14.36
14.1
14.05
14.04
14.04
13.94
14.05
14.13
14
14.15
13.94
14.1
13.92
13.75
13.48
13.29
13.51
13.34
13.24
13.39
13.31
13.4
13.39
13.38
13.53
13.56
13.67
13.8
13.89
13.79
13.79
13.86
13.85
13.84
13.7
13.66
13.68
13.59
13.61
13.47
13.58
13.66
13.62
13.474
13.48
13.62
13.51
13.55
13.58
13.58
13.54
13.59
13.64
13.91
14
14.01
14.1
14.13
14.11
14.12
14.01
13.96
14.03
14.08
14.02
13.94
13.99
13.99
14.06
13.99
14.23
14.11
14.17
14.17
14.37
14.45
14.5
14.31
14.43
14.47
14.6
14.47
14.46
14.42
14.43
14.52
14.58
14.74
14.83
14.85
14.84
14.78
14.53
14.64
14.63
14.8
14.9
14.81
14.65
14.92
15
14.95
14.99
14.96
14.9
14.96
15.04
14.96
15.05
14.97
14.98
14.98
15.02
15.03
15.09
15.06
15.07
14.96
15
15.04
15.1
15.1
15.14
15.26
15.26
15.22
15.18
15.03
15.02
15.08
15.04
15.05
15.12
15.11
15.11
15.1
15.17
15.21
15.21
15.14
15.16
15.15
15.17
15.06
14.95
15.21
15.25
15.19
15.2
15.2
15.12
15.12
15.05
14.98
15
14.96
14.98
15.04
14.96
14.97
14.98
14.95
15.05
14.99
14.99
15.05
15.02
14.96
14.83
14.61
14.62
14.52
14.41
14.34
14.32
14.24
14.24
14.19
14.17
14.19
14.19
14.18
14.18
14.16
14.18
14.25
14.31
14.44
14.42
14.4
14.41
14.41
14.45
14.51
14.55
14.59
14.61
14.52
14.49
14.49
14.48
14.61
14.77
14.83
14.92
14.98
14.94
15
15.11
15.14
15.11
15.13
15.2
15.12
15.01
14.8
14.77
14.85
15.27
15.58
2/28/05 15.3
FUND SNAPSHOT
------------------------------------
Share Price $15.30
------------------------------------
Common Share
Net Asset Value $15.71
------------------------------------
Premium/(Discount) to NAV -2.61%
------------------------------------
Market Yield 6.24%
------------------------------------
Taxable-Equivalent Yield1 9.53%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $213,350
------------------------------------
Average Effective Maturity
on Securities (Years) 17.84
------------------------------------
Leverage-Adjusted Duration 7.96
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 7.52% 4.16%
------------------------------------
1-Year 8.37% 5.05%
------------------------------------
5-Year 7.53% 9.07%
------------------------------------
10-Year 6.76% 7.03%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 27.8%
------------------------------------
Transportation 19.4%
------------------------------------
Tax Obligation/General 16.3%
------------------------------------
Education and Civic
Organizations 10.8%
------------------------------------
Healthcare 7.4%
------------------------------------
Water and Sewer 6.3%
------------------------------------
Utilities 6.2%
------------------------------------
Other 5.8%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 34.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders a capital gains distribution in December
2004 of $0.1057 per share.
13
Nuveen California Select Quality Municipal Fund, Inc.
NVC
Performance
OVERVIEW As of February 28, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 65%
AA 6%
A 18%
BBB 9%
NR 2%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.0805
Apr 0.0805
May 0.0805
Jun 0.0805
Jul 0.0805
Aug 0.0805
Sep 0.0805
Oct 0.0805
Nov 0.0805
Dec 0.0805
Jan 0.0805
Feb 0.0805
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/1/04 15.37
15.38
15.37
15.32
15.53
15.6
15.56
15.72
15.66
15.72
15.65
15.56
15.53
15.5
15.59
15.6
15.54
15.54
15.51
15.48
15.5
15.37
15.41
15.44
15.14
14.9
14.84
14.79
14.73
14.6
14.35
14.17
14.01
14.14
14.06
13.95
13.75
13.87
13.87
13.85
13.74
13.74
13.68
13.69
13.6
13.63
13.7
13.58
13.13
13.1
13.3
13.16
12.99
13.01
13.14
13.2
13.15
13.39
13.45
13.51
13.71
13.89
13.86
13.87
13.87
13.7
13.83
13.83
13.89
13.89
13.82
13.9
13.86
13.71
13.92
13.89
13.88
13.75
13.74
13.62
13.63
13.65
13.67
13.8
13.8
13.98
13.98
14.37
14.06
14.4
14.3
14.2
14.34
14.38
14.27
14.39
14.32
14.45
14.26
14.21
14.26
14.42
14.38
14.38
14.32
14.47
14.56
14.56
14.54
14.59
14.54
14.49
14.51
14.46
14.54
14.49
14.44
14.48
14.42
14.51
14.47
14.63
14.67
14.55
14.5
14.57
14.62
14.66
14.77
14.81
14.76
14.75
14.7
14.74
14.74
14.88
14.8
14.65
14.63
14.61
14.83
14.67
14.75
14.75
14.78
14.85
14.77
14.87
14.89
14.88
14.84
14.7
14.85
15.01
14.94
15.1
15.15
15.07
15.13
15.07
15.06
15.04
15.09
15.19
15.08
15.08
15.23
15.17
15.1
15.01
15.03
15.17
15.17
15.24
15.32
15.18
15.48
15.27
14.93
14.88
14.68
14.72
15.06
15.16
15.16
15.17
15.12
15.1
15.18
15.1
15.18
15.15
15.1
15.04
15.17
15.1
15.16
15.18
15.11
15.24
15.19
15.14
15.09
15.01
15
14.88
14.7
14.67
14.59
14.56
14.5
14.41
14.36
14.33
14.31
14.37
14.39
14.42
14.46
14.57
14.61
14.51
14.53
14.44
14.53
14.43
14.53
14.57
14.63
14.69
14.63
14.67
14.61
14.72
14.79
15.01
14.97
15.01
14.93
14.99
15.08
15.11
15.19
15.26
15.06
15.04
15
15.07
14.98
14.92
14.68
14.69
14.76
14.89
2/28/05 15.01
FUND SNAPSHOT
------------------------------------
Share Price $15.01
------------------------------------
Common Share
Net Asset Value $15.76
------------------------------------
Premium/(Discount) to NAV -4.76%
------------------------------------
Market Yield 6.44%
------------------------------------
Taxable-Equivalent Yield1 9.83%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $364,005
------------------------------------
Average Effective Maturity
on Securities (Years) 18.43
------------------------------------
Leverage-Adjusted Duration 7.71
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 5.49% 4.71%
------------------------------------
1-Year 5.25% 5.63%
------------------------------------
5-Year 8.14% 9.20%
------------------------------------
10-Year 7.47% 7.49%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 19.6%
------------------------------------
Tax Obligation/General 18.8%
------------------------------------
Utilities 13.6%
------------------------------------
Transportation 12.0%
------------------------------------
Water and Sewer 10.3%
------------------------------------
Healthcare 10.3%
------------------------------------
U.S. Guaranteed 6.2%
------------------------------------
Other 9.2%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 34.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.1123 per share.
14
Nuveen California Quality Income Municipal Fund, Inc.
NUC
Performance
OVERVIEW As of February 28, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 61%
AA 9%
A 18%
BBB 9%
NR 2%
BB or Lower 1%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.083
Apr 0.083
May 0.083
Jun 0.083
Jul 0.083
Aug 0.083
Sep 0.083
Oct 0.083
Nov 0.083
Dec 0.083
Jan 0.083
Feb 0.083
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/1/04 15.74
15.79
15.79
15.85
15.88
15.95
16.01
16.04
16
15.97
15.95
15.92
15.95
16.03
15.99
16.03
15.95
15.84
15.82
15.72
15.7
15.68
15.64
15.68
15.46
15.24
14.97
15.01
15
14.86
14.6
14.4
14.44
14.53
14.61
14.4
14.15
14.29
14.21
14.15
14.3
14.19
14.01
14.14
14.09
14.05
14.1
14.1
13.9
13.64
13.75
13.55
13.39
13.49
13.55
13.51
13.53
13.66
13.59
13.73
13.88
14.2
14.2
14.24
14.24
14.32
14.4
14.4
14.44
14.32
14.29
14.37
14.18
14.15
14.39
14.28
14.3
14.19
14.1
14.06
13.95
14
14.09
14.14
14.15
14.26
14.51
14.76
14.75
14.77
14.56
14.51
14.59
14.43
14.56
14.54
14.62
14.56
14.48
14.48
14.42
14.41
14.45
14.4
14.39
14.4
14.5
14.5
14.58
14.65
14.7
14.7
14.82
14.84
14.86
14.9
14.74
14.71
14.72
14.97
15
15.15
15.17
14.92
14.89
14.95
14.93
15.01
14.96
15
15.07
15.1
15.06
15.09
15.05
15
15.05
15.01
14.97
14.95
15.04
14.98
15.09
15.09
15.11
15.1
15.15
15.18
15.1
15.12
15.02
15.09
15.05
15.11
15.11
15.2
15.26
15.37
15.47
15.37
15.18
15.34
15.38
15.27
15.26
15.21
15.32
15.23
15.28
15.26
15.3
15.28
15.28
15.3
15.37
15.46
15.59
15.23
15.02
15.08
15.05
15
14.98
15.04
15.05
15.12
15.3
15.26
15.21
15.45
15.38
15.5
15.4
15.22
15.21
15.02
15.11
15.06
15.05
15.15
15.03
15.04
14.89
14.79
14.86
14.85
14.8
14.78
14.79
14.82
14.77
14.76
14.64
14.61
14.69
14.71
14.76
14.76
14.79
14.89
15.05
15.1
15.2
15.11
15.01
15.04
15.18
15.19
15.3
15.41
15.35
15.255
15.31
15.31
15.36
15.53
15.47
15.49
15.46
15.5
15.54
15.62
15.78
15.71
15.49
15.49
15.46
15.47
15.395
15.35
15.2
15.3
15.36
15.49
2/28/05 15.47
FUND SNAPSHOT
------------------------------------
Share Price $15.47
------------------------------------
Common Share
Net Asset Value $15.76
------------------------------------
Premium/(Discount) to NAV -1.84%
------------------------------------
Market Yield 6.44%
------------------------------------
Taxable-Equivalent Yield1 9.83%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $346,742
------------------------------------
Average Effective Maturity
on Securities (Years) 18.46
------------------------------------
Leverage-Adjusted Duration 8.77
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 7.11% 5.55%
------------------------------------
1-Year 5.56% 5.99%
------------------------------------
5-Year 7.78% 8.60%
------------------------------------
10-Year 7.72% 7.49%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 25.6%
------------------------------------
Tax Obligation/General 17.3%
------------------------------------
Education and Civic
Organizations 10.7%
------------------------------------
Utilities 9.7%
------------------------------------
U.S. Guaranteed 9.5%
------------------------------------
Transportation 8.5%
------------------------------------
Healthcare 8.0%
------------------------------------
Other 10.7%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 34.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders a capital gains distribution in December
2004 of $0.0793 per share.
15
Shareholder
MEETING REPORT
The Shareholder Meeting was held in the Embassy Room of the Mandarin Oriental
Hotel, 222 Sansome Street, San Francisco, California 94104-2792, on November 17,
2004.
NCA NCP NCO
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
Common together together together together
shares as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For -- 11,460,106 -- 7,330,756 --
Withhold -- 82,131 -- 71,984 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 11,542,237 -- 7,402,740 --
====================================================================================================================================
Lawrence H. Brown
For 22,826,133 11,459,264 -- 7,330,756 --
Withhold 193,760 82,973 -- 71,984 --
------------------------------------------------------------------------------------------------------------------------------------
Total 23,019,893 11,542,237 -- 7,402,740 --
====================================================================================================================================
Jack B. Evans
For -- 11,459,906 -- 7,333,382 --
Withhold -- 82,331 -- 69,358 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 11,542,237 -- 7,402,740 --
====================================================================================================================================
William C. Hunter
For 22,834,866 11,459,906 -- 7,333,382 --
Withhold 185,027 82,331 -- 69,358 --
------------------------------------------------------------------------------------------------------------------------------------
Total 23,019,893 11,542,237 -- 7,402,740 --
====================================================================================================================================
William J. Schneider
For -- -- 3,872 -- 2,455
Withhold -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 3,872 -- 2,455
====================================================================================================================================
Timothy R. Schwertfeger
For 22,824,155 -- 3,872 -- 2,455
Withhold 195,738 -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 23,019,893 -- 3,872 -- 2,455
====================================================================================================================================
Judith M. Stockdale
For -- 11,459,606 -- 7,330,756 --
Withhold -- 82,631 -- 71,984 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 11,542,237 -- 7,402,740 --
====================================================================================================================================
16
NQC NVC NUC
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 12,295,242 -- 20,797,348 -- 20,047,997 --
Withhold 64,994 -- 106,646 -- 145,027 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,360,236 -- 20,903,994 -- 20,193,024 --
====================================================================================================================================
Lawrence H. Brown
For 12,296,083 -- 20,796,998 -- 20,047,459 --
Withhold 64,153 -- 106,996 -- 145,565 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,360,236 -- 20,903,994 -- 20,193,024 --
====================================================================================================================================
Jack B. Evans
For 12,293,672 -- 20,798,948 -- 20,043,459 --
Withhold 66,564 -- 105,046 -- 149,565 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,360,236 -- 20,903,994 -- 20,193,024 --
====================================================================================================================================
William C. Hunter
For 12,294,888 -- 20,798,948 -- 20,047,309 --
Withhold 65,348 -- 105,046 -- 145,715 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,360,236 -- 20,903,994 -- 20,193,024 --
====================================================================================================================================
William J. Schneider
For -- 4,181 -- 6,984 -- 6,746
Withhold -- 2 -- 23 -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,183 -- 7,007 -- 6,746
====================================================================================================================================
Timothy R. Schwertfeger
For -- 4,181 -- 6,984 -- 6,746
Withhold -- 2 -- 23 -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,183 -- 7,007 -- 6,746
====================================================================================================================================
Judith M. Stockdale
For 12,298,007 -- 20,796,148 -- 20,049,087 --
Withhold 62,229 -- 107,846 -- 143,937 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,360,236 -- 20,903,994 -- 20,193,024 --
====================================================================================================================================
17
Nuveen California Municipal Value Fund, Inc. (NCA)
Portfolio of
INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.9% (1.9% OF TOTAL INVESTMENTS)
$ 2,400 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 Baa3 $ 2,315,688
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Funding Corporation, Series 2002B, 5.500%, 6/01/30
2,500 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 2,549,900
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.250%, 6/01/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 0.6% (0.6% OF TOTAL INVESTMENTS)
1,500 California Statewide Community Development Authority, 12/06 at 105.00 N/R 1,546,500
Certificates of Participation, San Diego Space and Science
Foundation, Series 1996, 7.500%, 12/01/26
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 10.6% (10.7% OF TOTAL INVESTMENTS)
915 Arcadia, California, Hospital Revenue Bonds, Methodist 5/05 at 100.00 BBB+ 916,912
Hospital of Southern California, Series 1992, 6.500%, 11/15/12
12,000 California Health Facilities Financing Authority, Revenue Bonds, 12/09 at 101.00 A3 13,006,200
Cedars-Sinai Medical Center, Series 1999A, 6.125%, 12/01/30
530 California Statewide Community Development Authority, 7/15 at 100.00 BBB+ 544,352
Revenue Bonds, Daughters of Charity Health System,
Series 2005A, 5.250%, 7/01/35 (WI, settling 3/18/05)
4,000 California Statewide Community Development Authority, No Opt. Call AAA 4,353,640
Revenue Refunding Bonds, Sherman Oaks Health System,
Series 1998A, 5.000%, 8/01/22 - AMBAC Insured
5,000 Central California Joint Powers Health Finance Authority, 2/10 at 101.00 Baa2 5,206,900
Certificates of Participation, Community Hospitals of Central
California Obligated Group, Series 2000, 6.000%, 2/01/30
1,440 Stockton, California, Health Facility Revenue Bonds, 12/07 at 102.00 BBB+ 1,526,501
Dameron Hospital Association, Series 1997A,
5.300%, 12/01/08
1,730 West Contra Costa Healthcare District, California, 7/14 at 100.00 AAA 1,900,370
Certificates of Participation, Series 2004,
5.375%, 7/01/21 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.5% (4.5% OF TOTAL INVESTMENTS)
3,350 ABAG Finance Authority for Non-Profit Corporations, No Opt. Call Baa2 3,620,781
California, Multifamily Housing Revenue Refunding Bonds,
United Dominion/2000 Post Apartments, Series 2000B,
6.400%, 8/15/30 (Alternative Minimum Tax) (Mandatory
put 8/15/08)
2,590 California Statewide Community Development Authority, 7/09 at 102.00 N/R 2,590,363
Multifamily Housing Revenue Bonds, Harbor City Lights,
Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
5,000 California Statewide Community Development Authority, No Opt. Call BBB+ 5,294,350
Multifamily Housing Refunding Bonds, Archstone
Communities Trust, Archstone Pelican Point Apartments,
Series 1999H, 5.300%, 6/01/29 (Mandatory put 6/01/08)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.2% (0.2% OF TOTAL INVESTMENTS)
55 California Rural Home Mortgage Finance Authority, No Opt. Call Aaa 55,875
GNMA Collateralized Single Family Mortgage Revenue
Bonds, Series 1993A-2, 7.950%, 12/01/24 (Alternative
Minimum Tax)
460 California Rural Home Mortgage Finance Authority, No Opt. Call AAA 463,855
Mortgage-Backed Securities Program Single Family
Mortgage Revenue Bonds, Series 1997D, 6.700%, 5/01/29
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.4% (0.4% OF TOTAL INVESTMENTS)
1,000 California Municipal Finance Authority, Solid Waste No Opt. Call BBB 1,008,930
Disposal Revenue Bonds, Waste Management Inc.,
Series 2004, 4.100%, 9/01/14 (Alternative Minimum Tax)
(Mandatory put 9/01/09)
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.5% (4.5% OF TOTAL INVESTMENTS)
ABAG Finance Authority for Non-Profit Corporations, California,
Revenue Bonds, Elder Care Alliance of Union City, Series 2004:
$ 1,850 5.400%, 8/15/24 8/14 at 100.00 A $ 1,938,615
2,130 5.600%, 8/15/34 8/14 at 100.00 A 2,248,066
2,720 ABAG Finance Authority for Non-Profit Corporations, 10/07 at 102.00 BB+ 2,723,427
California, Certificates of Participation, American Baptist
Homes of the West, Series 1997A, 5.750%, 10/01/17
3,000 California Statewide Community Development Authority, 4/09 at 101.00 BBB- 3,070,650
Certificates of Participation, Internext Group, Series 1999,
5.375%, 4/01/17
1,500 Riverside County Public Financing Authority, California, 5/09 at 101.00 BBB- 1,575,600
Certificates of Participation, Air Force Village West,
Series 1999, 5.750%, 5/15/19
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.9% (14.0% OF TOTAL INVESTMENTS)
7,500 California, Various Purpose General Obligation Bonds, 3/10 at 101.00 AAA 8,313,825
Series 2000, 5.750%, 3/01/27 - MBIA Insured
California, General Obligation Bonds, Series 2004:
500 5.000%, 2/01/20 2/14 at 100.00 A 529,690
5,200 5.000%, 2/01/21 2/14 at 100.00 A 5,485,012
2,850 5.250%, 4/01/34 4/14 at 100.00 A 3,021,684
1,000 Fremont Unified School District, Alameda County, 8/12 at 101.00 AAA 1,063,830
California, General Obligation Bonds, Series 2002A,
5.000%, 8/01/21 - FGIC Insured
2,475 Long Beach Community College District, California, General 5/13 at 100.00 AAA 2,578,480
Obligation Bonds, Series 2003A, 5.000%, 5/01/28 -
MBIA Insured
3,200 Los Angeles Unified School District, California, General 7/13 at 100.00 AAA 3,391,584
Obligation Bonds, Series 2003A, 5.000%, 7/01/22 -
FSA Insured
1,845 Oakland Unified School District, Alameda County, California, 8/08 at 101.00 AAA 1,965,017
General Obligation Bonds, Series 2001, 5.125%, 8/01/21 -
FSA Insured
2,000 Puerto Rico, General Obligation and Public Improvement No Opt. Call AAA 2,350,220
Refunding Bonds, Series 2001A, 5.500%, 7/01/20 -
MBIA Insured
1,500 San Ramon Valley Unified School District, Contra Costa 8/13 at 100.00 AAA 1,587,630
County, California, General Obligation Bonds, Series 2003,
5.000%, 8/01/23 - FSA Insured
1,570 Southwestern Community College District, San Diego County, 8/15 at 102.00 AAA 1,689,242
California, General Obligation Bonds, Series 2005,
5.000%, 8/01/23 - MBIA Insured
2,325 Temecula Valley Unified School District, Riverside County, 9/06 at 102.00 AAA 2,492,098
California, General Obligation Bonds, Series 1990F,
6.000%, 9/01/20 (Pre-refunded to 9/01/06) - FSA Insured
1,460 West Contra Costa Unified School District, Contra Costa 8/11 at 101.00 AAA 1,562,361
County, California, General Obligation Bonds, Series 2003B,
5.000%, 8/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 37.1% (37.4% OF TOTAL INVESTMENTS)
Bell Community Redevelopment Agency, California, Tax
Allocation Bonds, Bell Project Area, Series 2003:
3,000 5.500%, 10/01/23 - RAAI Insured 10/13 at 100.00 AA 3,236,070
1,000 5.625%, 10/01/33 - RAAI Insured 10/13 at 100.00 AA 1,074,960
Burbank Redevelopment Agency, California, Tax Allocation
Bonds, Golden State Redevelopment Project, Series 2003:
1,700 5.625%, 12/01/28 - FGIC Insured 12/13 at 100.00 AAA 1,889,703
5,010 5.750%, 12/01/33 - FGIC Insured 12/13 at 100.00 AAA 5,637,102
2,400 Calexico Community Redevelopment Agency, California, 8/13 at 102.00 AAA 2,510,088
Tax Allocation Bonds, Merged Central Business and
Residential District Project, Series 2003C, 5.000%, 8/01/28 -
AMBAC Insured
California, Economic Recovery Revenue Bonds, Series 2004A:
3,400 5.000%, 7/01/15 7/14 at 100.00 AA- 3,713,956
2,000 5.000%, 7/01/16 7/11 at 100.00 AA- 2,156,820
9,000 California State Public Works Board, Lease Revenue Bonds, 1/06 at 100.00 AAA 9,181,800
Department of Corrections, State Substance Abuse Treatment
Facility and Corcoran II State Prison, Series 1996A,
5.250%, 1/01/21 - AMBAC Insured
19
Nuveen California Municipal Value Fund, Inc. (NCA) (continued)
Portfolio of INVESTMENTS February 28, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 4,000 California State Public Works Board, Lease Revenue Bonds, 11/09 at 101.00 AAA $ 4,442,600
Department of Health Services, Series 1999A,
5.750%, 11/01/24 - MBIA Insured
2,000 Capistrano Unified School District, Ladera, California, 9/09 at 102.00 N/R 2,063,960
Special Tax Bonds, Community Facilities District 98-2,
Series 1999, 5.750%, 9/01/29
3,025 Chino Unified School District, California, Certificates of 9/05 at 102.00 AAA 3,137,560
Participation, Master Lease Program, Series 1995,
6.000%, 9/01/20 - FSA Insured
2,800 Commerce Community Development Commission, California, 8/07 at 102.00 N/R 2,884,616
Subordinate Lien Tax Allocation Refunding Bonds,
Redevelopment Project 1, Series 1997B, 6.000%, 8/01/21
2,000 Duarte Redevelopment Agency, California, Tax Allocation 9/07 at 102.00 N/R 2,139,920
Refunding Bonds, Amended Davis Addition Project Area,
Series 1997A, 6.700%, 9/01/14
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B:
3,800 5.500%, 6/01/33 6/13 at 100.00 A- 4,096,096
3,000 5.625%, 6/01/38 6/13 at 100.00 A- 3,259,530
2,750 Los Angeles County Schools, California, Certificates of 9/13 at 100.00 AAA 2,857,140
Participation, Pooled Financing Program, Regionalized
Business Services Corporation, Series 2003A,
5.000%, 9/01/28 - FSA Insured
3,665 Milpitas, California, Local Improvement District 20 Limited 3/05 at 103.00 N/R 3,805,406
Obligation Bonds, Series 1998A, 5.650%, 9/02/13
Modesto Schools Infrastructure Financing Agency, Stanislaus
County, California, Special Tax Revenue Bonds, Series 2004:
1,045 5.250%, 9/01/22 - AMBAC Insured 9/14 at 100.00 AAA 1,139,269
1,145 5.250%, 9/01/23 - AMBAC Insured 9/14 at 100.00 AAA 1,243,585
1,255 5.250%, 9/01/24 - AMBAC Insured 9/14 at 100.00 AAA 1,358,952
420 Oakland Redevelopment Agency, California, Subordinate 3/13 at 100.00 AAA 466,297
Lien Tax Allocation Bonds, Central District Redevelopment
Project, Series 2003, 5.500%, 9/01/18 - FGIC Insured
8,000 Palmdale Elementary School District, Los Angeles County, 8/09 at 101.00 AAA 8,874,960
California, Special Tax Bonds, Community Facilities
District 90-1, Series 1999, 5.800%, 8/01/29 - FSA Insured
3,300 Puerto Rico Highway and Transportation Authority, Highway 7/12 at 100.00 A 3,513,642
Revenue Bonds, Series 2002D, 5.375%, 7/01/36
480 Riverside County, California, Subordinate Lien Mobile Home 4/05 at 100.00 N/R 473,938
Park Revenue Bonds, Bravo Mobile Home Park Project,
Series 1999B, 6.500%, 3/20/29
1,440 San Dimas Housing Authority, California, Mobile Home Park 7/08 at 102.00 N/R 1,459,094
Revenue Bonds, Charter Oak Mobile Home Estates
Acquisition Project, Series 1998A, 5.700%, 7/01/28
3,130 San Francisco Redevelopment Agency, California, Lease 7/11 at 102.00 AAA 3,379,617
Revenue Bonds, Moscone Convention Center, Series 2004,
5.250%, 7/01/23 - AMBAC Insured
345 San Jose Redevelopment Agency, California, Tax Allocation 2/06 at 100.00 AAA 348,957
Bonds, Merged Area Redevelopment Project, Series 1993,
5.000%, 8/01/20 - MBIA Insured
2,750 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA 2,917,530
Refunding Bonds, Convention Center Project, Series 2001F,
5.000%, 9/01/20 - MBIA Insured
1,700 Shafter Joint Powers Financing Authority, California, Lease 1/07 at 101.00 A- 1,805,247
Revenue Bonds, Community Correctional Facility Acquisition
Project, Series 1997A, 5.950%, 1/01/11
1,000 Simi Valley, California, Certificates of Participation, 9/14 at 100.00 AAA 1,052,960
Series 2004, 5.000%, 9/01/24 - AMBAC Insured
3,845 Ventura County Superintendent of Schools, California, 12/11 at 100.00 AAA 3,974,961
Certificates Participation, Series 2003, 5.000%, 12/01/27 -
AMBAC Insured
3,000 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB 3,445,110
Loan Notes, Series 1999A, 6.500%, 10/01/24
2,570 Vista Joint Powers Financing Authority, California, Special 9/05 at 102.00 N/R 2,625,718
Tax Lease Revenue Refunding Bonds, Community Facilities
District 90-2, Series 1997A, 5.875%, 9/01/20
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 4.3% (4.3% OF TOTAL INVESTMENTS)
5,500 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 4,527,765
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/27
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 1,250 Fresno, California, Airport Revenue Bonds, Series 2000A, 7/10 at 101.00 AAA $ 1,357,462
5.500%, 7/01/30 - FSA Insured
5,000 San Francisco Airports Commission, California, Revenue 5/06 at 102.00 AAA 5,230,950
Bonds, San Francisco International Airport, Second Series
Issue 10A, 5.625%, 5/01/21 (Alternative Minimum Tax) -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 11.2% (11.2% OF TOTAL INVESTMENTS)
3,115 California Educational Facilities Authority, Revenue Bonds, 6/10 at 101.00 Baa3*** 3,680,061
Pooled College and University Projects, Series 2000C,
6.750%, 6/01/30
2,065 Contra Costa County, California, GNMA Mortgage-Backed No Opt. Call AAA 2,986,671
Securities Program Home Mortgage Revenue Bonds,
Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax)
2,500 Los Angeles Community Redevelopment Agency, California, 7/05 at 100.00 BBB*** 2,541,600
Tax Allocation Refunding Bonds, Central Business District
Redevelopment Project, Series 1987G, 6.750%, 7/01/10
4,601 Merced Irrigation District, California, Subordinated 3/08 at 102.00 AAA 5,230,417
Revenue Certificates of Participation, Electric System
Project, Series 2000, 7.450%, 3/01/18 (Pre-refunded
to 3/01/08)
8,565 Palmdale, California, GNMA Mortgage-Backed Securities No Opt. Call AAA 5,069,709
Program Single Family Mortgage Revenue Bonds,
Series 1988A, 0.000%, 3/01/17
20,415 San Bernardino County, California, GNMA Mortgage-Backed No Opt. Call AAA 9,337,413
Securities Program Single Family Home Mortgage Revenue
Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.0% (6.0% OF TOTAL INVESTMENTS)
4,500 California Department of Water Resources, Power Supply 5/12 at 101.00 A2 4,833,540
Revenue Bonds, Series 2002A, 5.125%, 5/01/18
2,875 California Statewide Community Development Authority, 6/05 at 102.00 N/R 2,925,226
Certificates of Participation Refunding, Rio Bravo Fresno
Project, Series 1999A, 6.300%, 12/01/18
500 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 532,405
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
3,300 Merced Irrigation District, California, Revenue Refunding 9/05 at 102.00 Baa3 3,396,723
Bonds, Electric System Project, Series 2001, 6.850%, 9/01/36
3,470 Puerto Rico Industrial, Tourist, Educational, Medical and 6/10 at 101.00 Baa3 3,755,685
Environmental Control Facilities Financing Authority,
Co-Generation Facility Revenue Bonds, Series 2000A,
6.625%, 6/01/26 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.3% (4.3% OF TOTAL INVESTMENTS)
500 Los Angeles County Sanitation Districts Financing Authority, 10/13 at 100.00 AAA 529,394
California, Senior Revenue Bonds, Capital Projects,
Series 2003A, 5.000%, 10/01/23 - FSA Insured
5,000 Orange County Sanitation District, California, Certificates 8/13 at 100.00 AAA 5,338,050
of Participation, Series 2003, 5.250%, 2/01/27 -
FGIC Insured
1,580 San Diego County Water Authority, California, Water 5/12 at 101.00 AAA 1,648,272
Revenue Refunding Certificates of Participation,
Series 2002A, 5.000%, 5/01/26 - MBIA Insured
3,500 Woodbridge Irrigation District, California, Certificates 7/13 at 100.00 BBB+ 3,666,670
of Participation, Water Systems Project, Series 2003,
5.625%, 7/01/43
------------------------------------------------------------------------------------------------------------------------------------
$ 257,306 Total Long-Term Investments (cost $237,024,564) - 99.5% 257,243,325
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.5% 1,290,798
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 258,534,123
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
21
Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
Portfolio of
INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.6% (3.1% OF TOTAL INVESTMENTS)
$ 6,125 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 Baa3 $ 6,179,941
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Funding Corporation, Series 2002B, 5.125%, 6/01/20
3,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 3,143,490
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 6.9% (4.6% OF TOTAL INVESTMENTS)
4,730 California Infrastructure Economic Development Bank, 10/11 at 101.00 A- 5,075,668
Revenue Bonds, J. David Gladstone Institutes, Series 2001,
5.500%, 10/01/21
4,730 California State University, Systemwide Revenue Bonds, 11/12 at 100.00 AAA 5,084,655
Series 2002A, 5.000%, 11/01/19 - AMBAC Insured
1,500 California Statewide Community Development Authority, 8/12 at 100.00 A 1,584,045
Student Housing Revenue Bonds, EAH - Irvine East Campus
Apartments, LLC Project, Series 2002A, 5.500%, 8/01/22 -
ACA Insured
2,000 University of California, Revenue Bonds, Multi-Purpose 5/13 at 100.00 AAA 2,182,120
Projects, Series 2003A, 5.125%, 5/15/17 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 10.6% (7.0% OF TOTAL INVESTMENTS)
3,000 California Health Facilities Financing Authority, Revenue 12/09 at 101.00 A3 3,251,550
Bonds, Cedars-Sinai Medical Center, Series 1999A,
6.125%, 12/01/30
2,780 California Health Facilities Financing Authority, Insured Health 5/05 at 100.00 A 2,792,427
Facility Revenue Refunding Bonds, Valley Memorial Hospital,
Series 1993A, 6.000%, 5/01/17
5,500 California Statewide Community Development Authority, 7/07 at 102.00 AA- 5,727,370
Certificates of Participation Refunding, St. Joseph Health
System, Series 1997, 5.125%, 7/01/17
630 California Statewide Community Development Authority, 7/15 at 100.00 BBB+ 647,060
Revenue Bonds, Daughters of Charity Health System,
Series 2005A, 5.250%, 7/01/35 (WI, settling 3/18/05)
2,000 California Statewide Community Development Authority, No Opt. Call AAA 2,176,820
Revenue Refunding Bonds, Sherman Oaks Health System,
Series 1998A, 5.000%, 8/01/22 - AMBAC Insured
Central California Joint Powers Health Finance Authority,
Certificates of Participation, Community Hospitals of Central
California, Series 1993:
2,275 5.250%, 2/01/13 8/05 at 100.00 Baa2 2,276,638
4,665 5.000%, 2/01/23 8/05 at 100.00 Baa2 4,607,201
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.0% (3.3% OF TOTAL INVESTMENTS)
3,750 California Statewide Community Development Authority, 7/08 at 101.00 BBB 3,929,363
Revenue Refunding Bonds, Irvine Apartment Communities
Development, Series 1998A, 4.900%, 5/15/25
(Mandatory put 5/15/08)
3,915 Los Angeles, California, GNMA Collateralized Multifamily 3/07 at 102.00 AAA 4,060,403
Housing Revenue Bonds, Ridgecroft Apartments,
Series 1997E, 6.250%, 9/20/39 (Alternative Minimum Tax)
2,030 Los Angeles County Community Development Commission, 5/05 at 100.00 Aaa 2,036,273
California, FHA-Insured Section 8 Assisted Mortgage
Revenue Refunding Bonds, Los Tomas Apartments,
Series 1993, 6.500%, 7/15/23
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 32.2% (21.3% OF TOTAL INVESTMENTS)
6,435 California, General Obligation Veterans Welfare Bonds, 12/05 at 101.00 A 6,543,945
Series 2000BT, 5.375%, 12/01/16 (Alternative Minimum Tax)
California, General Obligation Bonds, Series 2003:
2,350 5.250%, 2/01/21 8/13 at 100.00 A 2,538,376
2,000 5.250%, 2/01/22 - CIFG Insured 8/13 at 100.00 AAA 2,163,140
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
California, General Obligation Bonds, Series 2004:
$ 500 5.000%, 2/01/23 2/14 at 100.00 A $ 523,245
3,950 5.200%, 4/01/26 4/14 at 100.00 A 4,195,769
3,400 5.250%, 4/01/34 4/14 at 100.00 A 3,604,816
3,550 Centinela Valley Union High School District, Los Angeles No Opt. Call AAA 3,944,299
County, California, General Obligation Bonds, Series 2002A,
5.250%, 2/01/26 - MBIA Insured
2,500 Hawthorne School District, Los Angeles County, California, 11/08 at 102.00 AAA 2,745,900
General Obligation Bonds, Series 1997A, 5.500%, 5/01/22 -
FGIC Insured
1,530 Long Beach Community College District, California, General 5/13 at 100.00 AAA 1,646,984
Obligation Bonds, Series 2003A, 5.000%, 5/01/18 -
MBIA Insured
1,000 Los Angeles Unified School District, California, General 7/14 at 100.00 AAA 1,073,630
Obligation Bonds, Series 2004A-2, 5.000%, 7/01/20 -
FGIC Insured
8,000 Los Angeles Unified School District, California, General 7/10 at 100.00 AAA 8,599,520
Obligation Bonds, Series 2000D, 5.375%, 7/01/25 -
FGIC Insured
4,765 North Orange County Community College District, California, No Opt. Call AAA 1,528,517
General Obligation Bonds, Series 2003B, 0.000%, 8/01/27 -
FGIC Insured
2,575 Oxnard School District, Ventura County, California, General 2/22 at 103.00 AAA 2,998,201
Obligation Refunding Bonds, Series 2001A,
5.750%, 8/01/30 - MBIA Insured
6,000 Puerto Rico, General Obligation and Public Improvement No Opt. Call AAA 7,135,320
Bonds, Series 1993, 7.000%, 7/01/10 - MBIA Insured
Riverside Community College District, California,
General Obligation Bonds, Series 2004A:
1,485 5.250%, 8/01/25 - MBIA Insured 8/14 at 100.00 AAA 1,608,285
1,980 5.250%, 8/01/26 - MBIA Insured 8/14 at 100.00 AAA 2,142,776
4,000 San Diego Unified School District, San Diego County, 7/13 at 101.00 AAA 4,478,400
California, General Obligation Bonds, Series 2003E,
5.250%, 7/01/22 - FSA Insured
3,000 San Jose-Evergreen Community College District, 9/10 at 100.00 AAA 3,363,390
Santa Clara County, California, General Obligation Bonds,
Series 2000B, 5.600%, 9/01/24 - FGIC Insured
2,200 Santa Maria Joint Union High School District, Santa Barbara No Opt. Call Aaa 2,598,838
and San Luis Obispo Counties, California, General Obligation
Bonds, Series 2003B, 5.625%, 8/01/24 - FSA Insured
1,440 Southwestern Community College District, San Diego County, 8/15 at 102.00 AAA 1,544,299
California, General Obligation Bonds, Series 2005,
5.000%, 8/01/24 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 29.4% (19.5% OF TOTAL INVESTMENTS)
California, Economic Recovery Revenue Bonds, Series 2004A:
4,170 5.000%, 7/01/15 7/14 at 100.00 AA- 4,555,058
2,500 5.000%, 7/01/16 7/11 at 100.00 AA- 2,696,025
1,575 California State Public Works Board, Lease Revenue Bonds, 12/13 at 100.00 A- 1,742,486
Department of General Services, Series 2003D,
5.500%, 6/01/20
3,010 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A- 3,352,598
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.500%, 6/01/19
5,045 California State Public Works Board, Lease Revenue Bonds, 3/12 at 100.00 AAA 5,396,889
Department of Corrections, Series 2002A,
5.250%, 3/01/22 - AMBAC Insured
2,500 Corona Public Financing Authority, California, Superior Lien 9/09 at 102.00 AAA 2,657,375
Revenue Bonds, Series 1999A, 5.000%, 9/01/20 -
FSA Insured
3,750 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 A- 4,042,200
Enhanced Tobacco Settlement Asset-Backed Bonds,
Series 2003B, 5.500%, 6/01/33
1,395 Moreno Valley Unified School District, Riverside County, 3/14 at 100.00 AAA 1,475,296
California, Certificates of Participation, Series 2005,
5.000%, 3/01/22 - FSA Insured
2,000 Oakland Redevelopment Agency, California, Subordinate 3/13 at 100.00 AAA 2,230,220
Lien Tax Allocation Bonds, Central District Redevelopment
Project, Series 2003, 5.500%, 9/01/15 - FGIC Insured
8,800 Orange County, California, Recovery Certificates of 7/06 at 102.00 AAA 9,344,720
Participation, Series 1996A, 6.000%, 7/01/26 - MBIA Insured
23
Nuveen California Performance Plus Municipal Fund, Inc. (NCP) (continued)
Portfolio of INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 Paramount Redevelopment Agency, California, Tax Allocation 8/13 at 100.00 AAA $ 1,050,810
Bonds, Redevelopment Project Area 1, Series 2003,
5.000%, 8/01/23 - MBIA Insured
4,000 Puerto Rico Highway and Transportation Authority, Highway 7/12 at 100.00 A 4,258,960
Revenue Bonds, Series 2002D, 5.375%, 7/01/36
1,000 Sacramento City Financing Authority, California, Lease No Opt. Call AAA 1,137,710
Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 -
MBIA Insured
Santa Clara Redevelopment Agency, California, Tax Allocation
Bonds, Bayshore North Project, Series 2003:
3,850 5.000%, 6/01/19 - MBIA Insured 6/13 at 100.00 AAA 4,097,363
2,695 5.000%, 6/01/20 - MBIA Insured 6/13 at 100.00 AAA 2,862,333
2,000 6/01/21 - MBIA Insured 6/13 at 100.00 AAA 2,114,120
Sweetwater Union High School District, San Diego County,
California, Certificates of Participation, Series 2002:
2,000 5.000%, 9/01/23 - FSA Insured 9/12 at 102.00 AAA 2,105,920
4,015 5.000%, 9/01/24 - FSA Insured 9/12 at 102.00 AAA 4,227,634
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 29.5% (19.5% OF TOTAL INVESTMENTS)
5,360 California Infrastructure Economic Development Bank, 7/13 at 100.00 AAA 5,672,006
First Lien Revenue Bonds, San Francisco Bay Area Toll
Bridge, Series 2003A, 5.000%, 7/01/23 - FSA Insured
6,500 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 5,317,780
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/29
Long Beach, California, Harbor Revenue Bonds, Series 2000A:
2,740 5.750%, 5/15/14 (Alternative Minimum Tax) 5/10 at 101.00 AA- 3,042,578
11,885 5.750%, 5/15/15 (Alternative Minimum Tax) 5/10 at 101.00 AA- 13,071,717
Orange County, California, Airport Revenue Refunding Bonds,
John Wayne Airport, Series 2003:
1,835 4.500%, 7/01/14 - FSA Insured 7/13 at 100.00 AAA 1,938,788
2,500 5.000%, 7/01/17 - FSA Insured 7/13 at 100.00 AAA 2,682,125
8,550 Port of Oakland, California, Revenue Bonds, Series 2000K, 5/10 at 100.00 AAA 9,323,946
5.750%, 11/01/29 (Alternative Minimum Tax) - FGIC Insured
1,400 Port of Oakland, California, Revenue Bonds, Series 2002M, 11/12 at 100.00 AAA 1,532,314
5.250%, 11/01/20 - FGIC Insured
14,000 San Francisco Airports Commission, California, Revenue 5/10 at 101.00 AAA 14,860,020
Bonds, San Francisco International Airport, Second
Series 2000, Issue 25, 5.500%, 5/01/24 (Alternative
Minimum Tax) - FSA Insured
2,000 San Francisco Airports Commission, California, Revenue 5/11 at 100.00 AAA 2,077,840
Refunding Bonds, San Francisco International Airport,
Second Series 2001, Issue 27B, 5.000%, 5/01/23 -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 3.2% (2.0% OF TOTAL INVESTMENTS)
590 California Statewide Community Development Authority, No Opt. Call N/R*** 609,871
Certificates of Participation, Insured Hospital Revenue
Refunding Bonds, Triad Healthcare, Series 1992,
6.250%, 8/01/06
4,000 Contra Costa County, California, GNMA Mortgage-Backed No Opt. Call AAA 5,785,320
Securities Program Home Mortgage Revenue Bonds,
Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 14.3% (9.5% OF TOTAL INVESTMENTS)
747 California Pollution Control Financing Authority, Solid Waste 7/07 at 102.00 N/R 97,154
Disposal Revenue Bonds, CanFibre of Riverside,
Series 1997A, 9.000%, 7/01/19 (Alternative Minimum Tax) #
5,250 California Department of Water Resources, Power Supply 5/12 at 101.00 A2 5,639,130
Revenue Bonds, Series 2002A, 5.125%, 5/01/18
4,945 California Statewide Community Development Authority, 6/05 at 102.00 N/R 5,031,389
Certificates of Participation Refunding, Rio Bravo Fresno
Project, Series 1999A, 6.300%, 12/01/18
725 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 771,987
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
4,100 Merced Irrigation District, California, Revenue Refunding 9/05 at 102.00 Baa3 4,218,244
Bonds, Electric System Project, Series 2001,
6.750%, 9/01/31
10,450 Orange County Public Financing Authority, California, Waste No Opt. Call Aaa 11,521,752
Management System Revenue Refunding Bonds,
Series 1997, 5.250%, 12/01/13 (Alternative Minimum
Tax) - AMBAC Insured
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 500 Sacramento Municipal Utility District, California, Electric 8/12 at 100.00 AAA $ 544,420
Revenue Refunding Bonds, Series 2002Q,
5.250%, 8/15/22 - FSA Insured
1,000 Sacramento Municipal Utility District, California, Electric No Opt. Call AAA 1,087,040
Revenue Bonds, Series 2004T, 5.250%, 5/15/23 -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 15.3% (10.2% OF TOTAL INVESTMENTS)
2,500 California Department of Water Resources, Water System 6/13 at 100.00 AAA 2,762,200
Revenue Bonds, Central Valley Project, Series 2003Y,
5.250%, 12/01/16 - FGIC Insured
1,000 California Statewide Community Development Authority, 10/13 at 100.00 AAA 1,078,400
Water and Wastewater Revenue Bonds, Pooled Financing
Program, Series 2003A, 5.250%, 10/01/23 - FSA Insured
4,770 Los Angeles Department of Water and Power, California, 7/14 at 100.00 AAA 5,248,288
Waterworks Revenue Bonds, Series 2004C, 5.250%, 7/01/20 -
MBIA Insured
2,500 Pajaro Valley Water Management Agency, California, 3/09 at 101.00 AAA 2,742,225
Revenue Certificates of Participation, Series 1999A,
5.750%, 3/01/29 - AMBAC Insured
5,985 Sacramento County Sanitation District Financing Authority, 12/10 at 101.00 AA 6,654,422
California, Revenue Bonds, Series 2000A, 5.250%, 12/01/12
4,000 Sacramento County Sanitation District Financing Authority, No Opt. Call AAA 4,652,680
California, Revenue Refunding Bonds, Series 2001,
5.500%, 12/01/20 - AMBAC Insured
4,585 Santa Maria, California, Subordinate Water and Wastewater 8/12 at 101.00 AAA 5,026,765
Revenue Certificates of Participation,Series 1997A,
5.550%, 8/01/27 - AMBAC Insured
1,700 South Gate Utility Authority, California, Subordinate Revenue 10/11 at 102.00 AAA 1,794,041
Bonds, Water and Sewer System Projects, Series 2001,
5.000%, 10/01/22 - FGIC Insured
945 Woodbridge Irrigation District, California, Certificates of 7/13 at 100.00 BBB+ 990,001
Participation, Water Systems Project, Series 2003,
5.625%, 7/01/43
------------------------------------------------------------------------------------------------------------------------------------
$ 287,657 Total Long-Term Investments (cost $285,669,536) - 151.0% 304,854,834
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 2,975,344
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.5)% (106,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 201,830,178
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
# Non-income producing security. On January 1, 2002,
CFRHoldings, Inc. (an entity formed by Nuveen for the
benefit of the Nuveen Funds owning various interests in
CanFibre of Riverside) took possession of the CanFibre
of Riverside assets on behalf of the various Nuveen
Funds. CFR Holdings, Inc. determined that a sale of the
facility was in the best interest of shareholders and
proceeded accordingly. Investment valued at fair value
using methods determined in good faith by or at the
direction of the Board of Directors.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
25
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
Portfolio of
INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.9% (3.2% OF TOTAL INVESTMENTS)
$ 4,305 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 Baa3 $ 4,343,616
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Funding Corporation, Series 2002B, 5.125%, 6/01/20
2,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 2,039,920
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.250%, 6/01/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 7.5% (4.9% OF TOTAL INVESTMENTS)
1,000 California Infrastructure Economic Development Bond Bank, 7/15 at 100.00 Aa3 1,052,700
Revenue Bonds, Scripps Research Institute, Series 2005A,
5.000%, 7/01/24
1,530 University of California, Certificates of Participation, 1/10 at 101.00 Aa2 1,621,463
San Diego and Sacramento Campus Projects, Series 2002A,
5.250%, 1/01/20
6,580 University of California, Revenue Bonds, Multiple Purpose 9/08 at 101.00 AA 7,079,422
Projects, Series 2000K, 5.000%, 9/01/13
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 12.3% (8.0% OF TOTAL INVESTMENTS)
2,000 California Health Facilities Financing Authority, Revenue 12/09 at 101.00 A3 2,167,700
Bonds, Cedars-Sinai Medical Center, Series 1999A,
6.125%, 12/01/30
3,200 California Infrastructure Economic Development Bank, 8/11 at 102.00 A 3,387,776
Revenue Bonds, Kaiser Hospital Assistance LLC,
Series 2001A, 5.550%, 8/01/31
400 California Statewide Community Development Authority, 7/15 at 100.00 BBB+ 410,832
Revenue Bonds, Daughters of Charity Health System,
Series 2005A, 5.250%, 7/01/35 (WI, settling 3/18/05)
1,000 California Statewide Community Development Authority, No Opt. Call AAA 1,088,410
Revenue Refunding Bonds, Sherman Oaks Health System,
Series 1998A, 5.000%, 8/01/22 - AMBAC Insured
5,930 Central California Joint Powers Health Finance Authority, 8/05 at 100.00 Baa2 5,856,527
Certificates of Participation, Community Hospitals of
Central California, Series 1993, 5.000%, 2/01/23
3,000 Loma Linda, California, Hospital Revenue Bonds, Loma Linda 6/05 at 101.00 BB+ 3,028,680
University Medical Center, Series 1993A, 6.500%, 12/01/18
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.3% (0.9% OF TOTAL INVESTMENTS)
1,550 San Bernardino County Housing Authority, California, No Opt. Call BBB+ 1,650,192
Multifamily Housing Revenue Refunding Bonds, Equity
Residential Properties/Redlands Lawn and Tennis Apartments,
Series 1999A, 5.200%, 6/15/29 (Mandatory put 6/15/09)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 34.5% (22.6% OF TOTAL INVESTMENTS)
4,950 California, Various Purpose General Obligation Bonds, 3/10 at 101.00 AAA 5,487,125
Series 2000, 5.750%, 3/01/27 - MBIA Insured
5,000 California, General Obligation Veterans Welfare Bonds, 12/05 at 101.00 A 5,084,650
Series 2000BT, 5.375%, 12/01/16 (Alternative Minimum Tax)
California, General Obligation Bonds, Series 2003:
1,000 5.250%, 11/01/19 - RAAI Insured 11/13 at 100.00 AA 1,094,640
1,400 5.250%, 2/01/20 8/13 at 100.00 A 1,516,886
1,000 5.250%, 2/01/22 - CIFG Insured 8/13 at 100.00 AAA 1,081,570
California, General Obligation Bonds, Series 2004:
3,000 5.000%, 2/01/23 2/14 at 100.00 A 3,139,470
2,500 5.125%, 4/01/23 4/14 at 100.00 A 2,652,800
2,100 5.250%, 4/01/34 4/14 at 100.00 A 2,226,504
2,670 Coast Community College District, Orange County, California, 8/13 at 100.00 AAA 2,843,577
General Obligation Refunding Bonds, Series 2003A,
5.000%, 8/01/21 - MBIA Insured
5,000 Los Angeles Unified School District, California, General 7/10 at 100.00 AAA 5,374,700
Obligation Bonds, Series 2000D, 5.375%, 7/01/25 -
FGIC Insured
26
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 2,500 Oakland Unified School District, Alameda County, California, 8/12 at 100.00 AAA $ 2,731,525
General Obligation Bonds, Series 2002, 5.250%, 8/01/21 -
FGIC Insured
1,000 Pomona Unified School District, Los Angeles County, 8/11 at 103.00 AAA 1,182,610
California, General Obligation Refunding Bonds,
Series 1997A, 6.150%, 8/01/15 - MBIA Insured
2,620 Rancho Santiago Community College District, Orange 9/15 at 100.00 AAA 2,747,751
County, California, General Obligation Bonds,
Series 2005B, 5.000%, 9/01/27 (WI, settling 3/10/05) -
FSA Insured
2,000 Riverside Community College District, California, General 8/14 at 100.00 AAA 2,170,920
Obligation Bonds, Series 2004A, 5.250%, 8/01/24 -
MBIA Insured
5,000 San Diego Unified School District, California, General 7/10 at 100.00 AAA 5,477,950
Obligation Bonds, Election of 1998, Series 2000B,
5.125%, 7/01/21 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 35.7% (23.3% OF TOTAL INVESTMENTS)
California, Economic Recovery Revenue Bonds, Series 2004A:
2,700 5.000%, 7/01/15 7/14 at 100.00 AA- 2,949,318
2,000 5.000%, 7/01/16 7/11 at 100.00 AA- 2,156,820
2,000 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A- 2,227,640
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.500%, 6/01/19
3,000 Los Angeles County Public Works Financing Authority, 10/07 at 101.00 AA 3,154,470
California, Revenue Bonds, Regional Park and Open Space
District, Series 1997A, 5.000%, 10/01/19
Modesto Schools Infrastructure Financing Agency, Stanislaus
County, California, Special Tax Revenue Bonds, Series 2004:
1,375 5.250%, 9/01/25 - AMBAC Insured 9/14 at 100.00 AAA 1,485,536
1,500 5.250%, 9/01/26 - AMBAC Insured 9/14 at 100.00 AAA 1,618,140
2,000 Monterey County, California, Certificates of Participation, 8/11 at 100.00 Aaa 2,088,640
Master Plan Financing, Series 2001, 5.000%, 8/01/21 -
MBIA Insured
1,000 Ontario, California, Special Tax Bonds, Community Facilities 9/06 at 102.00 N/R 1,042,680
District 5, Freeway Interchange Project, Series 1997,
6.375%, 9/01/17
10,900 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call AAA 15,274,279
County, California, Revenue Refunding Bonds,
Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 -
MBIA Insured
2,500 Sacramento City Financing Authority, California, Lease No Opt. Call AAA 2,877,650
Revenue Refunding Bonds, Series 1993A,
5.400%, 11/01/20 - AMBAC Insured
2,255 San Bernardino County, California, Certificates of Participation, 8/05 at 102.00 AAA 2,324,680
Medical Center Financing Project, Series 1995,
5.500%, 8/01/22 - MBIA Insured
1,200 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA 1,273,104
Refunding Bonds, Convention Center Project, Series 2001F,
5.000%, 9/01/20 - MBIA Insured
7,000 Union City Community Redevelopment Agency, California, 10/09 at 101.00 AAA 7,778,820
Tax Allocation Revenue Bonds, Redevelopment Project,
Series 1999, 5.750%, 10/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 26.0% (17.0% OF TOTAL INVESTMENTS)
4,000 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 3,272,480
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/29
8,500 Long Beach, California, Harbor Revenue Bonds, Series 2000A, 5/10 at 101.00 AA- 9,438,655
5.750%, 5/15/14 (Alternative Minimum Tax)
5,250 Port of Oakland, California, Revenue Bonds, Series 2000K, 5/10 at 100.00 AAA 5,725,230
5.750%, 11/01/29 (Alternative Minimum Tax) - FGIC Insured
5,000 Sacramento County, California, Airport System Revenue 7/06 at 102.00 AAA 5,275,500
Bonds, Series 1996A, 5.900%, 7/01/24 (Alternative
Minimum Tax) - MBIA Insured
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2000, Issue 25:
2,515 5.500%, 5/01/24 (Alternative Minimum Tax) - FSA Insured 5/10 at 101.00 AAA 2,669,496
3,100 5.750%, 5/01/30 (Alternative Minimum Tax) - FSA Insured 5/10 at 101.00 AAA 3,355,068
27
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO) (continued)
Portfolio of INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 2,465 San Francisco Airports Commission, California, Special Facilities 1/08 at 102.00 AAA $ 2,689,093
Lease Revenue Bonds, San Francisco International Airport,
SFO Fuel Company LLC, Series 2000A, 6.125%, 1/01/27
(Alternative Minimum Tax) - FSA Insured
1,250 San Francisco Airports Commission, California, Revenue Bonds, 5/10 at 101.00 AAA 1,322,413
San Francisco International Airport, Second Series 2000,
Issue 26B, 5.000%, 5/01/21 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 4.7% (3.2% OF TOTAL INVESTMENTS)
670 California Department of Water Resources, Water System 12/11 at 100.00 AA*** 760,423
Revenue Bonds, Central Valley Project, Series 2001W,
5.500%, 12/01/15 (Pre-refunded to 12/01/11)
4,000 Pomona, California, GNMA/FHLMC Collateralized Single No Opt. Call AAA 5,370,280
Family Mortgage Revenue Refunding Bonds, Series 1990B,
7.500%, 8/01/23
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.9% (5.8% OF TOTAL INVESTMENTS)
1,500 California Pollution Control Financing Authority, Revenue 9/09 at 101.00 AAA 1,613,340
Refunding Bonds, Southern California Edison Company,
Series 1999A, 5.450%, 9/01/29 - MBIA Insured
492 California Pollution Control Financing Authority, Solid Waste 7/07 at 102.00 N/R 63,979
Disposal Revenue Bonds, CanFibre of Riverside,
Series 1997A, 9.000%, 7/01/19 (Alternative Minimum Tax) #
3,000 California Department of Water Resources, Power Supply 5/12 at 101.00 A2 3,222,360
Revenue Bonds, Series 2002A, 5.125%, 5/01/18
3,310 California Statewide Community Development Authority, 6/05 at 102.00 N/R 3,367,826
Certificates of Participation Refunding, Rio Bravo Fresno
Project, Series 1999A, 6.300%, 12/01/18
500 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 532,405
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
Merced Irrigation District, California, Revenue Refunding
Bonds, Electric System Project, Series 2001:
1,650 6.750%, 9/01/31 9/05 at 102.00 Baa3 1,697,586
1,000 6.850%, 9/01/36 9/05 at 102.00 Baa3 1,029,310
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 17.0% (11.1% OF TOTAL INVESTMENTS)
3,330 California Department of Water Resources, Water System 12/11 at 100.00 AA 3,742,887
Revenue Bonds, Central Valley Project, Series 2001W,
5.500%, 12/01/15
1,030 California Department of Water Resources, Water System No Opt. Call AAA 1,197,158
Revenue Bonds, Central Valley Project, Series 2002X,
5.500%, 12/01/17 - FGIC Insured
4,000 Los Angeles, California, Wastewater System Revenue 5/05 at 101.00 AAA 4,015,640
Bonds, Series 1993D, 4.700%, 11/01/19 - FGIC Insured
2,000 San Francisco City and County Public Utilities Commission, 4/13 at 100.00 AAA 2,188,360
California, Clean Water Revenue Refunding Bonds,
Series 2003A, 5.250%, 10/01/20 - MBIA Insured
10,000 Santa Maria, California, Subordinate Water and Wastewater 8/12 at 101.00 AAA 10,963,500
Revenue Certificates of Participation, Series 1997A,
5.550%, 8/01/27 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 182,227 Total Long-Term Investments (cost $181,064,226) - 152.8% 198,304,682
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (0.4)% (495,335)
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.4)% (68,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 129,809,347
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
# Non-income producing security. On January 1, 2002,
CFRHoldings, Inc. (an entity formed by Nuveen for the
benefit of the Nuveen Funds owning various interests in
CanFibre of Riverside) took possession of the CanFibre
of Riverside assets on behalf of the various Nuveen
Funds. CFR Holdings, Inc. determined that a sale of the
facility was in the best interest of shareholders and
proceeded accordingly. Investment valued at fair value
using methods determined in good faith by or at the
direction of the Board of Directors.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
28
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
Portfolio of
INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 0.4% (0.3% OF TOTAL INVESTMENTS)
$ 1,000 Southern California Tobacco Securitization Authority, Tobacco 6/12 at 100.00 BBB $ 931,690
Settlement Asset-Backed Bonds, Senior Series 2001A,
5.500%, 6/01/36
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.3% (10.8% OF TOTAL INVESTMENTS)
5,000 California Educational Facilities Authority, Revenue Bonds, 10/06 at 102.00 AAA 5,256,750
Chapman University, Series 1996, 5.125%, 10/01/26 -
CONNIE LEE/AMBAC Insured
3,000 California Educational Facilities Authority, Revenue Bonds, 11/10 at 100.00 Aaa 3,342,900
University of the Pacific, Series 2000, 5.750%, 11/01/30 -
MBIA Insured
6,000 California State Public Works Board, Lease Revenue Bonds, 10/07 at 102.00 A- 6,340,860
California State University Projects, Series 1997C,
5.400%, 10/01/22
2,500 Long Beach Bond Financing Authority, California, Lease 11/11 at 101.00 AAA 2,646,175
Revenue Refunding Bonds, Long Beach Aquarium of the
South Pacific, Series 2001, 5.250%, 11/01/30 - AMBAC Insured
2,540 University of California, Revenue Bonds, Research Facilities, 9/09 at 101.00 AAA 2,665,705
Series 2001E, 5.000%, 9/01/25 - AMBAC Insured
University of California, Revenue Bonds, Multi-Purpose
Projects, Series 2003A:
9,270 5.125%, 5/15/16 - AMBAC Insured 5/13 at 100.00 AAA 10,149,723
3,000 5.125%, 5/15/17 - AMBAC Insured 5/13 at 100.00 AAA 3,273,180
1,060 5.000%, 5/15/24 - AMBAC Insured 5/13 at 100.00 AAA 1,116,519
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 11.2% (7.4% OF TOTAL INVESTMENTS)
3,000 California Health Facilities Financing Authority, Revenue 12/09 at 101.00 A3 3,251,550
Bonds, Cedars-Sinai Medical Center, Series 1999A,
6.125%, 12/01/30
3,000 California Health Facilities Financing Authority, Revenue 7/14 at 100.00 BBB+ 3,098,190
Bonds, Catholic Healthcare West, Series 2004G,
5.250%, 7/01/23
660 California Statewide Community Development Authority, 7/15 at 100.00 BBB+ 677,873
Revenue Bonds, Daughters of Charity Health System,
Series 2005A, 5.250%, 7/01/35 (WI, settling 3/18/05)
2,145 California Statewide Community Development Authority, No Opt. Call A 2,255,382
Revenue Bonds, Kaiser Permanente System, Series 2002E,
4.700%, 11/01/36 (Mandatory put 5/31/09)
Central California Joint Powers Health Finance Authority,
Certificates of Participation, Community Hospitals of Central
California, Series 1993:
1,595 5.250%, 2/01/13 8/05 at 100.00 Baa2 1,596,148
6,820 5.500%, 2/01/15 8/05 at 100.00 Baa2 6,825,251
5,000 Loma Linda, California, Hospital Revenue Bonds, Loma Linda 6/05 at 101.00 BB+ 5,047,800
University Medical Center, Series 1993A, 6.500%, 12/01/18
1,000 Stockton, California, Health Facility Revenue Bonds, 12/07 at 102.00 BBB+ 1,048,630
Dameron Hospital Association, Series 1997A,
5.700%, 12/01/14
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.2% (2.1% OF TOTAL INVESTMENTS)
6,500 California Statewide Community Development Authority, 7/08 at 101.00 BBB 6,810,895
Revenue Refunding Bonds, Irvine Apartment Communities
Development, Series 1998A, 4.900%, 5/15/25 (Mandatory
put 5/15/08)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.4% (1.0% OF TOTAL INVESTMENTS)
2,945 California Statewide Community Development Authority, 4/09 at 101.00 BBB- 3,014,355
Certificates of Participation, Internext Group, Series 1999,
5.375%, 4/01/17
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 24.6% (16.3% OF TOTAL INVESTMENTS)
California, Various Purpose General Obligation Bonds,
Series 2000:
4,075 5.250%, 9/01/20 9/10 at 100.00 A 4,395,580
14,000 5.750%, 3/01/27 - MBIA Insured 3/10 at 101.00 AAA 15,519,140
29
Nuveen California Investment Quality Municipal Fund, Inc. (NQC) (continued)
Portfolio of INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 2,400 California, General Obligation Bonds, Series 2003, 8/13 at 100.00 A $ 2,600,376
5.250%, 2/01/20
California, General Obligation Bonds, Series 2004:
1,000 5.000%, 2/01/21 2/14 at 100.00 A 1,054,810
3,150 5.250%, 4/01/34 4/14 at 100.00 A 3,339,756
2,395 Fontana Unified School District, San Bernardino County, 5/09 at 102.00 AAA 2,690,232
California, General Obligation Refunding Bonds,
Series 1997D, 5.800%, 5/01/17 - FGIC Insured
10,060 Los Angeles, California, General Obligation Bonds, 9/11 at 100.00 AA 10,696,597
Series 2001A, 5.000%, 9/01/21
2,285 Moreno Valley Unified School District, Riverside County, 8/14 at 100.00 AAA 2,480,276
California, General Obligation Bonds, Series 2004A,
5.250%, 8/01/24 - FSA Insured
3,250 Puerto Rico, General Obligation and Public Improvement No Opt. Call AAA 3,819,108
Refunding Bonds, Series 2001A, 5.500%, 7/01/20 -
MBIA Insured
1,835 Riverside Community College District, California, General 8/14 at 100.00 AAA 2,011,307
Obligation Bonds, Series 2004A, 5.250%, 8/01/21 -
MBIA Insured
3,500 San Diego Unified School District, San Diego County, 7/13 at 101.00 AAA 3,918,600
California, General Obligation Bonds, Series 2003E,
5.250%, 7/01/24 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 41.5% (27.5% OF TOTAL INVESTMENTS)
4,460 California, Economic Recovery Revenue Bonds, 7/14 at 100.00 AA- 4,871,836
Series 2004A, 5.000%, 7/01/15
3,135 California State Public Works Board, Lease Revenue Bonds, 12/12 at 100.00 AAA 3,432,700
Department of General Services, Capital East End Project,
Series 2002A, 5.250%, 12/01/15 - AMBAC Insured
3,000 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A- 3,334,080
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.500%, 6/01/20
3,000 California State Public Works Board, Lease Revenue Bonds, 12/11 at 102.00 AAA 3,184,320
Department of Mental Health, Hospital Addition,
Series 2001A, 5.000%, 12/01/21 - AMBAC Insured
2,000 Daly City Housing Development Finance Agency, California, 12/13 at 102.00 A- 2,080,360
Mobile Home Park Revenue Bonds, Franciscan Mobile Home
Park Project, Series 2002A, 5.850%, 12/15/32
1,595 Fontana Public Financing Authority, California, Tax Allocation 9/11 at 101.00 AAA 1,739,842
Revenue Bonds, North Fontana Redevelopment Project,
Series 2003A, 5.375%, 9/01/25 - AMBAC Insured
2,250 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 A- 2,444,648
Enhanced Tobacco Settlement Asset-Backed Bonds,
Series 2003B, 5.625%, 6/01/33
Los Angeles County Metropolitan Transportation Authority,
California, Proposition C Second Senior Lien Sales Tax Revenue
Bonds, Series 2000A:
8,005 5.250%, 7/01/25 - FGIC Insured 7/10 at 101.00 AAA 8,605,135
6,500 5.250%, 7/01/30 - FGIC Insured 7/10 at 101.00 AAA 6,912,425
4,130 Manteca Unified School District, San Joaquin County, 9/11 at 101.00 AAA 4,355,581
California, Special Tax Bonds, Community Facilities
District 89-2, Series 2001C, 5.000%, 9/01/23 -
MBIA Insured
1,685 Ontario, California, Special Tax Bonds, Community Facilities 9/06 at 102.00 N/R 1,756,916
District 5, Freeway Interchange Project, Series 1997,
6.375%, 9/01/17
3,890 Ontario Redevelopment Financing Authority, California, 8/11 at 101.00 AAA 4,137,171
Lease Revenue Bonds, Capital Projects, Series 2001,
5.000%, 8/01/21 - AMBAC Insured
3,600 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call AAA 5,044,716
County, California, Revenue Refunding Bonds,
Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 -
MBIA Insured
1,500 Orange County, California, Special Tax Bonds, Community 8/12 at 101.00 N/R 1,538,520
Facilities District 03-1 of Ladera Ranch, Series 2004A,
5.625%, 8/15/34
9,825 Orange County, California, Recovery Certificates of 7/06 at 102.00 AAA 10,433,168
Participation, Series 1996A, 6.000%, 7/01/26 - MBIA Insured
1,000 Paramount Redevelopment Agency, California, Tax Allocation 8/13 at 100.00 AAA 1,050,810
Bonds, Redevelopment Project Area 1, Series 2003,
5.000%, 8/01/23 - MBIA Insured
4,000 Puerto Rico Highway and Transportation Authority, Highway 7/12 at 100.00 A 4,258,960
Revenue Bonds, Series 2002D, 5.375%, 7/01/36
4,000 Sacramento City Financing Authority, California, Lease No Opt. Call AAA 4,604,240
Revenue Refunding Bonds, Series 1993A,
5.400%, 11/01/20 - AMBAC Insured
30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,535 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA $ 3,750,352
Refunding Bonds, Convention Center Project, Series 2001F,
5.000%, 9/01/20 - MBIA Insured
2,000 San Jose Financing Authority, California, Lease Revenue 6/12 at 100.00 AAA 2,190,700
Refunding Bonds, Civic Center Project, Series 2002B,
5.250%, 6/01/19 - AMBAC Insured
2,840 Santa Clara Redevelopment Agency, California, Tax Allocation 6/13 at 100.00 AAA 2,981,830
Bonds, Bayshore North Project, Series 2003,
5.000%, 6/01/23 - MBIA Insured
5,250 Santa Cruz County Redevelopment Agency, California, 9/10 at 102.00 AAA 5,640,023
Subordinate Lien Tax Allocation Bonds, Live Oak and Soquel
Community Improvement Projects, Series 2000,
5.250%, 9/01/25 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 29.2% (19.4% OF TOTAL INVESTMENTS)
13,000 Alameda Corridor Transportation Authority, California, 10/09 at 101.00 AAA 13,385,320
Senior Lien Revenue Bonds, Series 1999A,
5.000%, 10/01/29 - MBIA Insured
Bay Area Toll Authority, California, Revenue Bonds, San
Francisco Bay Area Toll Bridge, Series 2001D:
3,875 5.000%, 4/01/12 4/11 at 100.00 AA 4,211,195
2,605 5.000%, 4/01/16 4/11 at 100.00 AA 2,807,982
6,500 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 5,317,780
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/29
9,980 Long Beach, California, Harbor Revenue Bonds, Series 2000A, 5/10 at 101.00 AA- 10,577,303
5.500%, 5/15/25 (Alternative Minimum Tax)
9,000 Port of Oakland, California, Revenue Bonds, Series 2000K, 5/10 at 100.00 AAA 9,814,680
5.750%, 11/01/29 (Alternative Minimum Tax) - FGIC Insured
15,000 San Francisco Airports Commission, California, Revenue Bonds, 5/10 at 101.00 AAA 16,234,200
San Francisco International Airport, Second Series 2000,
Issue 24A, 5.750%, 5/01/30 (Alternative Minimum Tax) -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 3.6% (2.4% OF TOTAL INVESTMENTS)
2,110 California Health Facilities Financing Authority, Revenue Bonds, 10/08 at 101.00 AAA 2,291,291
Kaiser Permanente System, Series 1998B, 5.250%, 10/01/12
670 California Department of Water Resources, Water System 12/11 at 100.00 AA*** 760,423
Revenue Bonds, Central Valley Project, Series 2001W,
5.500%, 12/01/16 (Pre-refunded to 12/01/11)
795 California Statewide Community Development Authority, No Opt. Call N/R*** 821,776
Certificates of Participation, Insured Hospital Revenue
Refunding Bonds, Triad Healthcare, Series 1992,
6.250%, 8/01/06
2,500 Los Angeles Community Redevelopment Agency, California, 7/05 at 100.00 BBB*** 2,541,600
Tax Allocation Refunding Bonds, Central Business District
Redevelopment Project, Series 1987G, 6.750%, 7/01/10
1,100 Newhall School District, Los Angeles County, California, 8/12 at 101.00 AAA 1,252,988
General Obligation Bonds, Series 2002B, 5.375%, 8/01/22
(Pre-refunded to 8/01/12) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.4% (6.2% OF TOTAL INVESTMENTS)
California Department of Water Resources, Power Supply
Revenue Bonds, Series 2002A:
3,600 5.375%, 5/01/17 - XLCA Insured 5/12 at 101.00 AAA 3,998,412
6,000 5.125%, 5/01/18 5/12 at 101.00 A2 6,444,720
5,000 Los Angeles Department of Water and Power, California, 7/11 at 100.00 AAA 5,431,300
Power System Revenue Bonds, Series 2001A-1,
5.250%, 7/01/20 - FSA Insured
700 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 745,367
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
3,210 Turlock Irrigation District, California, Electric Revenue Bonds, 1/13 at 100.00 AAA 3,470,973
Series 2003A, 5.000%, 1/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 9.5% (6.3% OF TOTAL INVESTMENTS)
3,330 California Department of Water Resources, Water System 12/11 at 100.00 AA 3,749,946
Revenue Bonds, Central Valley Project, Series 2001W,
5.500%, 12/01/16
1,500 Los Angeles Department of Water and Power, California, 7/14 at 100.00 AAA 1,654,095
Waterworks Revenue Bonds, Series 2004C,
5.250%, 7/01/19 - MBIA Insured
31
Nuveen California Investment Quality Municipal Fund, Inc. (NQC) (continued)
Portfolio of INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 2,745 Northridge Water District, California, Revenue Certificates 2/11 at 101.00 AAA $ 2,973,686
of Participation, Series 2001, 5.250%, 2/01/21 -
AMBAC Insured
3,015 Oxnard Financing Authority, California, Wastewater Revenue 6/13 at 100.00 AAA 3,251,466
Bonds, Series 2003, 5.000%, 6/01/17 - FGIC Insured
San Elijo Joint Powers Authority, San Diego County, California,
Revenue Refunding Bonds, San Elijo Wastewater Facilities, Series
2003:
1,245 5.000%, 3/01/16 - FSA Insured 3/12 at 101.00 AAA 1,350,041
1,310 5.000%, 3/01/17 - FSA Insured 3/12 at 101.00 AAA 1,416,564
3,430 Westlands Water District, California, Revenue Certificates 9/12 at 101.00 AAA 3,709,374
of Participation, Series 2002, 5.250%, 9/01/22 -
MBIA Insured
2,155 Westlands Water District, California, Revenue Certificates 3/15 at 100.00 AAA 2,266,780
of Participation, Series 2005A, 5.000%, 9/01/25 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 299,560 Total Long-Term Investments (cost $298,833,705) - 150.3% 320,702,953
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.5% (0.3% OF TOTAL INVESTMENTS)
1,000 Pittsburg Redevelopment Agency, California, Tax Allocation A-1+ 1,000,000
Bonds, Los Medanos Community Development Project,
Variable Rate Demand Obligations, Series 2004A, 1.760%, 9/01/35
- AMBAC Insured +
------------------------------------------------------------------------------------------------------------------------------------
$ 1,000 Total Short-Term Investments (cost $1,000,000) 1,000,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $299,833,705) - 150.8% 321,702,953
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 3,646,837
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.5)% (112,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 213,349,790
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that in
effect at the end of the reporting period. This rate
changes periodically based on market conditions or a
specified market index.
See accompanying notes to financial statements.
32
Nuveen California Select Quality Municipal Fund, Inc. (NVC)
Portfolio of
INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.7% (3.1% OF TOTAL INVESTMENTS)
$ 4,625 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 Baa3 $ 4,423,581
Settlement Asset-Backed Bonds, Stanislaus County Tobacco
Funding Corporation, Series 2002A, 5.500%, 6/01/33
9,150 California Pollution Control Financing Authority, Sewerage 12/06 at 101.00 A+ 9,582,886
and Solid Waste Disposal Facilities Revenue Bonds,
Anheuser-Busch Companies Inc., Series 1996,
5.750%, 12/01/30 (Alternative Minimum Tax)
3,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 3,143,490
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 2.5% (1.5% OF TOTAL INVESTMENTS)
1,595 California Infrastructure Economic Development Bank, 10/12 at 100.00 Aa3 1,676,760
Revenue Bonds, Claremont University Consortium,
Series 2003, 5.125%, 10/01/24
1,740 California Infrastructure Economic Development Bond Bank, 7/15 at 100.00 Aa3 1,831,698
Revenue Bonds, Scripps Research Institute, Series 2005A,
5.000%, 7/01/24
5,125 University of California, Revenue Bonds, Research Facilities, 9/09 at 101.00 AAA 5,424,761
Series 2001E, 5.000%, 9/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
ENERGY - 2.8% (1.8% OF TOTAL INVESTMENTS)
9,500 California Pollution Control Financing Authority, Exempt 12/06 at 102.00 AAA 10,027,155
Facilities Revenue Bonds, Mobil Oil Corporation, Series 1996,
5.500%, 12/01/29 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 15.8% (10.3% OF TOTAL INVESTMENTS)
1,750 ABAG Finance Authority for Non-Profit Corporations, 4/12 at 100.00 A 1,883,210
California, Insured Revenue Bonds, Sansum-Santa Barbara
Medical Foundation Clinic, Series 2002A, 5.500%, 4/01/21
13,500 California Health Facilities Financing Authority, Revenue 12/09 at 101.00 A3 14,631,975
Bonds, Cedars-Sinai Medical Center, Series 1999A,
6.125%, 12/01/30
545 California Health Facilities Financing Authority, Insured 7/05 at 101.00 AAA 548,946
Health Facility Revenue Refunding Bonds, Catholic
Healthcare West, Series 1994A, 4.750%, 7/01/19 -
MBIA Insured
5,000 California Statewide Community Development Authority, 7/07 at 102.00 AA- 5,206,700
Certificates of Participation Refunding, St. Joseph Health
System, Series 1997, 5.125%, 7/01/17
14,000 California Statewide Community Development Authority, 7/10 at 101.00 BBB+ 15,602,020
Certificates of Participation, Catholic Healthcare West,
Series 1999, 6.500%, 7/01/20
690 California Statewide Community Development Authority, 7/15 at 100.00 BBB+ 708,685
Revenue Bonds, Daughters of Charity Health System,
Series 2005A, 5.250%, 7/01/35 (WI, settling 3/18/05)
2,000 California Statewide Community Development Authority, No Opt. Call AAA 2,176,820
Revenue Refunding Bonds, Sherman Oaks Health System,
Series 1998A, 5.000%, 8/01/22 - AMBAC Insured
9,350 Loma Linda, California, Hospital Revenue Refunding Bonds, 6/05 at 101.00 AAA 9,502,499
Loma Linda University Medical Center, Series 1993C,
5.375%, 12/01/22 - MBIA Insured
6,000 Madera County, California, Certificates of Participation, 3/05 at 102.00 AAA 6,210,840
Valley Children's Hospital Project, Series 1995,
5.750%, 3/15/28 - MBIA Insured
1,050 Stockton, California, Health Facility Revenue Bonds, 12/07 at 102.00 BBB+ 1,109,903
Dameron Hospital Association, Series 1997A,
5.450%, 12/01/10
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.5% (1.0% OF TOTAL INVESTMENTS)
395 California Housing Finance Agency, Single Family Mortgage 5/05 at 102.00 AAA 399,795
Bonds, Senior Series 1995A-2, 6.350%, 8/01/15
(Alternative Minimum Tax)
195 California Housing Finance Agency, Single Family Mortgage 10/05 at 102.00 AAA 196,016
Bonds, Mezzanine Series 1995B-2, 6.250%, 8/01/14
(Alternative Minimum Tax) - AMBAC Insured
33
Nuveen California Select Quality Municipal Fund, Inc. (NVC) (continued)
Portfolio of INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY (continued)
$ 1,155 California Housing Finance Agency, Single Family Mortgage 10/05 at 102.00 AAA $ 1,162,715
Bonds, Senior Series 1995B-2, 6.250%, 2/01/18
(Alternative Minimum Tax)
3,560 Puerto Rico Housing Bank and Finance Agency, Affordable 4/05 at 102.00 AAA 3,636,789
Housing Mortgage Subsidy Program Single Family Mortgage
Revenue Bonds, Series 1995I, 6.250%, 4/01/29 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 2.7% (1.8% OF TOTAL INVESTMENTS)
4,720 California Pollution Control Financing Authority, Solid Waste No Opt. Call BBB 4,740,485
Disposal Revenue Bonds, Waste Management Inc.,
Series 2002B, 4.450%, 7/01/27 (Alternative Minimum Tax)
(Mandatory put 7/01/05)
5,000 California Pollution Control Financing Authority, Solid Waste No Opt. Call BBB+ 5,258,800
Disposal Revenue Bonds, Republic Services Inc.,
Series 2002C, 5.250%, 6/01/23 (Alternative Minimum Tax)
(Mandatory put 12/01/17)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 28.8% (18.8% OF TOTAL INVESTMENTS)
California, Various Purpose General Obligation Bonds,
Series 2000:
4,700 5.625%, 5/01/22 - FGIC Insured 5/10 at 101.00 AAA 5,208,023
10,000 5.750%, 3/01/27 - MBIA Insured 3/10 at 101.00 AAA 11,085,100
California, General Obligation Bonds, Series 2003:
3,750 5.250%, 11/01/19 - RAAI Insured 11/13 at 100.00 AA 4,104,900
3,700 5.250%, 2/01/21 8/13 at 100.00 A 3,996,592
1,000 5.250%, 2/01/22 - CIFG Insured 8/13 at 100.00 AAA 1,081,570
5,000 5.250%, 2/01/22 8/13 at 100.00 A 5,386,400
California, General Obligation Bonds, Series 2004:
3,800 5.000%, 2/01/21 2/14 at 100.00 A 4,008,278
3,700 5.125%, 4/01/25 4/14 at 100.00 A 3,903,315
1,850 5.200%, 4/01/26 4/14 at 100.00 A 1,965,107
1,880 Compton Community College District, Los Angeles County, 7/14 at 100.00 AAA 2,068,508
California, General Obligation Bonds, Series 2004A,
5.250%, 7/01/20 - MBIA Insured
Fontana Unified School District, San Bernardino County,
California, General Obligation Bonds, Series 2004:
1,470 5.250%, 5/01/19 - MBIA Insured 5/14 at 100.00 AAA 1,618,779
1,040 5.250%, 5/01/20 - MBIA Insured 5/14 at 100.00 AAA 1,142,731
1,520 Jurupa Unified School District, Riverside County, California, 8/13 at 100.00 AAA 1,608,798
General Obligation Bonds, Series 2004, 5.000%, 8/01/23 -
FGIC Insured
10,060 Los Angeles, California, General Obligation Bonds, 9/11 at 100.00 AA 10,696,597
Series 2001A, 5.000%, 9/01/20
13,020 Los Angeles Unified School District, California, General 7/08 at 101.00 AAA 13,718,002
Obligation Bonds, Series 1998B, 5.000%, 7/01/23 -
FGIC Insured
6,030 Los Angeles Unified School District, California, General 7/10 at 100.00 AAA 6,481,888
Obligation Bonds, Series 2000D, 5.375%, 7/01/25 -
FGIC Insured
2,200 Oakland Unified School District, Alameda County, California, 8/08 at 101.00 AAA 2,343,110
General Obligation Bonds, Series 2001, 5.125%, 8/01/21 -
FSA Insured
2,270 Pajaro Valley Unified School District, Santa Cruz County, 8/13 at 100.00 AAA 2,427,243
California, General Obligation Bonds, Series 2003,
5.000%, 8/01/20 - FSA Insured
5,000 Puerto Rico, General Obligation and Public Improvement No Opt. Call AAA 5,875,550
Refunding Bonds, Series 2001A, 5.500%, 7/01/20 -
MBIA Insured
7,375 Rancho Santiago Community College District, Orange 9/15 at 100.00 AAA 7,734,605
County, California, General Obligation Bonds, Series 2005B,
5.000%, 9/01/27 (WI, settling 3/10/05) - FSA Insured
1,500 Southwestern Community College District, San Diego 8/15 at 102.00 AAA 1,603,395
County, California, General Obligation Bonds, Series 2005,
5.000%, 8/01/25 - MBIA Insured
1,000 Vista Unified School District, San Diego County, California, 8/12 at 100.00 AAA 1,054,460
General Obligation Bonds, Series 2002A, 5.000%, 8/01/23 -
FSA Insured
2,000 West Contra Costa Unified School District, Contra Costa 8/11 at 101.00 AAA 2,117,440
County, California, General Obligation Bonds, Series 2003C,
5.000%, 8/01/22 - FGIC Insured
3,760 West Contra Costa Unified School District, Contra Costa 8/11 at 101.00 AAA 3,980,787
County, California, General Obligation Bonds, Series 2003B,
5.000%, 8/01/22 - FSA Insured
34
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 30.0% (19.6% OF TOTAL INVESTMENTS)
$ 2,870 Bell Community Redevelopment Agency, California, Tax 10/13 at 100.00 AA $ 3,095,840
Allocation Bonds, Bell Project Area, Series 2003,
5.500%, 10/01/23 - RAAI Insured
7,390 California, Economic Recovery Revenue Bonds, 7/14 at 100.00 AA- 8,072,393
Series 2004A, 5.000%, 7/01/15
3,765 California State Public Works Board, Lease Revenue Bonds, 12/12 at 100.00 AAA 4,106,184
Department of General Services, Capital East End Project,
Series 2002A, 5.250%, 12/01/16 - AMBAC Insured
California State Public Works Board, Lease Revenue Bonds,
Department of Mental Health, Coalinga State Hospital, Series 2004A:
4,000 5.500%, 6/01/21 6/14 at 100.00 A- 4,429,160
2,000 5.500%, 6/01/23 6/14 at 100.00 A- 2,198,400
1,030 Folsom Cordova Unified School District, Sacramento County, 10/14 at 100.00 AAA 1,086,557
California, General Obligation Bonds, School Facilities
Improvement District 2, Series 2004B, 5.000%, 10/01/25 -
FSA Insured
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B:
2,000 5.625%, 6/01/33 6/13 at 100.00 A- 2,173,020
2,500 5.625%, 6/01/38 6/13 at 100.00 A- 2,716,275
1,000 Independent Cities Lease Finance Authority, California, Revenue 11/14 at 100.00 N/R 1,015,740
Bonds, Morgan Hill, Hacienda Valley Mobile Home Park,
Series 2004A, 5.950%, 11/15/39
1,405 Indian Wells Redevelopment Agency, California, Tax Allocation 9/13 at 100.00 AAA 1,494,527
Bonds, Consolidated Whitewater Project Area, Series 2003A,
5.000%, 9/01/20 - AMBAC Insured
3,000 La Quinta Redevelopment Agency, California, Tax Allocation 9/11 at 102.00 AAA 3,175,710
Bonds, Redevelopment Project Area 1, Series 2001,
5.000%, 9/01/21 - AMBAC Insured
3,510 Long Beach Bond Financing Authority, California, Lease Revenue 10/07 at 102.00 AAA 3,643,556
and Refunding Bonds, Civic Center Project, Series 1997A,
5.000%, 10/01/27 - MBIA Insured
16,500 Los Angeles County Metropolitan Transportation Authority, 7/08 at 101.00 AAA 17,258,505
California, Proposition C Second Senior Lien Sales Tax
Revenue Refunding Bonds, Series 1998A, 5.000%, 7/01/23 -
AMBAC Insured
3,000 Los Angeles County Metropolitan Transportation Authority, 7/10 at 101.00 AAA 3,224,910
California, Proposition C Second Senior Lien Sales Tax
Revenue Bonds, Series 2000A, 5.250%, 7/01/25 -
FGIC Insured
4,750 Montclair Redevelopment Agency, California, Revenue Bonds, 12/10 at 102.00 N/R 4,970,163
Monterey Manor Mobile Home Estates Project, Series 2000,
6.400%, 12/15/30
Monterey County, California, Certificates of Participation,
Master Plan Financing, Series 2001:
2,075 5.000%, 8/01/19 - MBIA Insured 8/11 at 100.00 Aaa 2,182,485
3,000 5.000%, 8/01/26 - MBIA Insured 8/11 at 100.00 Aaa 3,105,630
2,580 Oakland Redevelopment Agency, California, Subordinate 3/13 at 100.00 AAA 2,864,393
Lien Tax Allocation Bonds, Central District Redevelopment
Project, Series 2003, 5.500%, 9/01/18 - FGIC Insured
3,605 Oakland State Building Authority, California, Lease Revenue 4/08 at 101.00 AAA 3,769,244
Bonds, Elihu M. Harris State Office Building, Series 1998A,
5.000%, 4/01/23 - AMBAC Insured
2,280 Ontario Redevelopment Financing Authority, California, Lease 8/11 at 101.00 AAA 2,509,938
Revenue Bonds, Capital Projects, Series 2001,
5.250%, 8/01/18 - AMBAC Insured
1,000 Orange County, California, Special Tax Bonds, Community 8/12 at 101.00 N/R 1,022,710
Facilities District 03-1 of Ladera Ranch, Series 2004A,
5.500%, 8/15/24
125 Riverside Public Financing Authority, California, Revenue 8/05 at 100.00 N/R 126,813
Bonds, Multiple Project Loans, Series 1991A,
8.000%, 2/01/18
1,680 Riverside Redevelopment Agency, California, Tax Allocation 8/13 at 100.00 AAA 1,808,352
Refunding Bonds, Merged Project Areas, Series 2003,
5.250%, 8/01/23 - MBIA Insured
2,000 San Francisco State Building Authority, California, Lease 12/06 at 102.00 AAA 2,122,760
Revenue Bonds, San Francisco Civic Center Complex,
Series 1996A, 5.250%, 12/01/16 - AMBAC Insured
10,000 San Jose Redevelopment Agency, California, Tax Allocation 8/08 at 102.00 A 10,337,700
Bonds, Merged Area Redevelopment Project, Series 1998,
5.250%, 8/01/29
2,200 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA 2,334,024
Refunding Bonds, Convention Center Project, Series 2001F,
5.000%, 9/01/20 - MBIA Insured
35
Nuveen California Select Quality Municipal Fund, Inc. (NVC) (continued)
Portfolio of INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 4,625 Santa Clara Redevelopment Agency, California, Tax No Opt. Call AAA $ 4,959,064
Allocation Bonds, Bayshore North Project, Series 2003,
5.000%, 6/01/17 - MBIA Insured
Solano County, California, Certificates of Participation,
Series 2002:
2,415 5.250%, 11/01/22 - MBIA Insured 11/12 at 100.00 AAA 2,612,668
1,625 5.250%, 11/01/23 - MBIA Insured 11/12 at 100.00 AAA 1,752,108
5,000 West Hollywood, California, Refunding Certificates of 2/08 at 102.00 AAA 5,203,650
Participation, Series 1998, 5.000%, 2/01/25 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 18.4% (12.0% OF TOTAL INVESTMENTS)
10,500 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 8,590,260
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/29
8,300 Foothill/Eastern Transportation Corridor Agency, California, 1/10 at 100.00 AAA 8,528,416
Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 -
MBIA Insured
7,500 Los Angeles Harbors Department, California, Revenue 8/06 at 101.00 AAA 7,912,800
Bonds, Series 1996, 6.200%, 8/01/25 (Alternative
Minimum Tax) - MBIA Insured
2,000 Orange County Transportation Authority, California, Toll Road 8/13 at 100.00 AAA 2,138,820
Revenue Bonds, 91 Express Lanes Project, Series 2003A,
5.000%, 8/15/20 - AMBAC Insured
8,000 Port of Oakland, California, Revenue Bonds, Series 2000K, 5/10 at 100.00 AAA 8,724,160
5.750%, 11/01/29 (Alternative Minimum Tax) - FGIC Insured
20,000 San Francisco Airports Commission, California, Revenue 5/10 at 101.00 AAA 21,645,600
Bonds, San Francisco International Airport, Second
Series 2000, Issue 25, 5.750%, 5/01/30 (Alternative
Minimum Tax) - FSA Insured
5,000 San Francisco Airports Commission, California, Revenue 5/11 at 100.00 AAA 5,451,450
Refunding Bonds, San Francisco International Airport,
Second Series 2001, Issue 27B, 5.250%, 5/01/18 -
FGIC Insured
3,665 San Francisco Airports Commission, California, Revenue 5/12 at 100.00 AAA 3,899,890
Refunding Bonds, San Francisco International Airport,
Second Series 2002, Issue 28A, 5.250%, 5/01/18
(Alternative Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 9.5% (6.2% OF TOTAL INVESTMENTS)
3,000 California Pollution Control Financing Authority, Solid Waste 7/05 at 100.00 Aaa 3,488,580
Disposal Revenue Bonds, North County Recycling Center,
Series 1991A, 6.750%, 7/01/17
2,110 Contra Costa County, California, GNMA Mortgage-Backed 5/05 at 100.00 AAA 2,360,035
Securities Program Home Mortgage Revenue Bonds,
Series 1989, 7.700%, 11/01/09 (Alternative Minimum Tax)
5,515 Fresno Unified School District, Fresno County, California, 8/09 at 102.00 AAA 5,882,630
General Obligation Bonds, Series 2001E,
5.000%, 8/01/25 - FGIC Insured
Metropolitan Water District of Southern California, Water
Revenue Bonds, Series 1997A:
2,105 5.000%, 7/01/26 (Pre-refunded to 1/01/08) 1/08 at 101.00 AAA 2,261,717
1,075 5.000%, 7/01/26 (Pre-refunded to 1/01/08) 1/08 at 101.00 AA+*** 1,155,034
1,120 5.000%, 7/01/26 (Pre-refunded to 1/01/08) 1/08 at 101.00 AAA 1,203,384
10,000 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 A*** 11,456,700
Revenue Bonds, Series 2000B, 6.000%, 7/01/31
(Pre-refunded to 7/01/10)
4,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 4,409,120
Obligation Bonds, Series 2000A, 5.500%, 10/01/32
2,000 Vista, California, Mobile Home Park Revenue Bonds, Vista 3/24 at 100.00 N/R*** 2,229,740
Manor Mobile Home Park Project, Series 1999A,
5.750%, 3/15/29 (Pre-refunded to 3/15/24)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 20.8% (13.6% OF TOTAL INVESTMENTS)
2,000 Anaheim Public Finance Authority, California, Revenue 10/12 at 100.00 AAA 2,208,220
Refunding Bonds, Electric Generating System, Series 2002B,
5.250%, 10/01/18 - FSA Insured
1,810 Anaheim Public Finance Authority, California, Second Lien 10/14 at 100.00 AAA 1,977,389
Electric Distribution Revenue Bonds, Series 2004,
5.250%, 10/01/21 - MBIA Insured
36
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 10,350 California Pollution Control Financing Authority, Revenue No Opt. Call A+ $ 12,252,330
Bonds, San Diego Gas and Electric Company, Series 1991A,
6.800%, 6/01/15 (Alternative Minimum Tax)
9,550 California Pollution Control Financing Authority, Revenue 6/05 at 100.00 A3 9,675,105
Bonds, Southern California Edison Company, Series 1991,
6.900%, 12/01/17 (Alternative Minimum Tax)
California Department of Water Resources, Power Supply
Revenue Bonds, Series 2002A:
2,500 5.375%, 5/01/17 - XLCA Insured 5/12 at 101.00 AAA 2,776,675
9,750 5.125%, 5/01/18 5/12 at 101.00 A2 10,472,670
4,000 Imperial Irrigation District, California, Certificates of 11/13 at 100.00 AAA 4,313,040
Participation, Electric System Revenue Bonds, Series 2003,
5.250%, 11/01/23 - FSA Insured
5,000 Los Angeles Department of Water and Power, California, 7/11 at 100.00 AAA 5,481,150
Power System Revenue Refunding Bonds, Series 2001A-2,
5.375%, 7/01/20 - MBIA Insured
1,200 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 1,277,772
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
5,225 Los Angeles, California, Sanitation Equipment Charge Revenue 2/11 at 100.00 AAA 5,708,835
Bonds, Series 2001A, 5.250%, 2/01/18 - FSA Insured
1,025 Los Angeles, California, Sanitation Equipment Charge 2/14 at 100.00 AAA 1,088,222
Revenue Bonds, Series 2004A, 5.000%, 2/01/22 -
AMBAC Insured
7,000 Merced Irrigation District, California, Revenue Refunding 9/05 at 102.00 Baa3 7,205,170
Bonds, Electric System Project, Series 2001, 6.850%, 9/01/36
2,630 Pasadena, California, Electric Works Revenue Bonds, 6/12 at 100.00 AAA 2,871,697
Series 2002, 5.250%, 6/01/21 - MBIA Insured
4,360 Sacramento Municipal Utility District, California, Electric 8/12 at 100.00 AAA 4,790,332
Revenue Refunding Bonds, Series 2002Q, 5.250%, 8/15/19 -
FSA Insured
3,460 Southern California Public Power Authority, Revenue Bonds, 7/13 at 100.00 AAA 3,676,700
Magnolia Power Project, Series 2003-1A, 5.000%, 7/01/20 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 15.9% (10.3% OF TOTAL INVESTMENTS)
1,185 Burbank, California, Wastewater System Revenue Bonds, 6/14 at 100.00 AAA 1,247,260
Series 2004A, 5.000%, 6/01/24 - AMBAC Insured
5,000 Los Angeles Department of Water and Power, California, 7/14 at 100.00 AAA 5,501,350
Waterworks Revenue Bonds, Series 2004C, 5.250%, 7/01/20 -
MBIA Insured
5,000 Los Angeles, California, Wastewater System Revenue Bonds, 6/08 at 101.00 AAA 5,156,100
Series 1998A, 5.000%, 6/01/28 - FGIC Insured
3,750 Metropolitan Water District of Southern California, Water 10/14 at 100.00 AAA 3,919,875
Revenue Bonds, Series 2004B-3, 5.000%, 10/01/29 -
MBIA Insured
2,000 Pico Rivera Water Authority, California, Revenue Bonds, 12/11 at 102.00 N/R 2,145,320
Series 2001A, 6.250%, 12/01/32
2,525 Sacramento County Sanitation District Financing Authority, No Opt. Call AAA 2,937,004
California, Revenue Refunding Bonds, Series 2001,
5.500%, 12/01/20 - AMBAC Insured
17,670 San Francisco City and County Public Utilities Commission, 11/11 at 100.00 AAA 18,574,704
California, Water Revenue Bonds, Series 2001A,
5.000%, 11/01/24 - FSA Insured
37
Nuveen California Select Quality Municipal Fund, Inc. (NVC) (continued)
Portfolio of INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
San Francisco City and County Public Utilities Commission,
California, Clean Water Revenue Refunding Bonds, Series 2003A:
$ 2,120 5.250%, 10/01/19 - MBIA Insured 4/13 at 100.00 AAA $ 2,327,524
2,960 5.250%, 10/01/20 - MBIA Insured 4/13 at 100.00 AAA 3,238,773
Sweetwater Authority, California, Water Revenue Bonds, Series 2002:
2,800 5.500%, 4/01/19 - FSA Insured 4/10 at 101.00 AAA 3,108,056
9,055 5.000%, 4/01/22 - FSA Insured 4/10 at 101.00 AAA 9,576,840
------------------------------------------------------------------------------------------------------------------------------------
$ 524,015 Total Long-Term Investments (cost $520,403,656) - 153.4% 558,516,635
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (0.7)% (2,511,220)
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.7)% (192,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 364,005,415
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
38
Nuveen California Quality Income Municipal Fund, Inc. (NUC)
Portfolio of
INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 7.4% (4.8% OF TOTAL INVESTMENTS)
$ 4,620 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 Baa3 $ 4,418,799
Settlement Asset-Backed Bonds, Stanislaus County Tobacco
Funding Corporation, Series 2002A, 5.500%, 6/01/33
7,325 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 Baa3 7,067,673
Settlement Asset-Backed Bonds, Sonoma County Tobacco
Funding Corporation, Series 2002B, 5.500%, 6/01/30
5,000 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 Baa3 4,947,900
Settlement Asset-Backed Bonds, Alameda County Tobacco
Asset Securitization Corporation, Series 2002,
5.750%, 6/01/29
9,205 California Statewide Financing Authority, Tobacco Settlement 5/12 at 100.00 Baa3 9,090,398
Asset-Backed Bonds, Pooled Tobacco Securitization Program,
Series 2002A, 5.625%, 5/01/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.2% (10.7% OF TOTAL INVESTMENTS)
8,975 California Educational Facilities Authority, Revenue Bonds, 11/10 at 100.00 Aaa 10,000,843
University of the Pacific, Series 2000, 5.750%, 11/01/30 -
MBIA Insured
4,000 California State Public Works Board, Lease Revenue Refunding 3/06 at 102.00 AAA 4,194,480
Bonds, Community Colleges Projects, Series 1996B,
5.625%, 3/01/19 - AMBAC Insured
6,400 California State University, Systemwide Revenue Bonds, 11/12 at 100.00 AAA 6,854,848
Series 2002A, 5.000%, 11/01/20 - AMBAC Insured
1,000 California Statewide Community Development Authority, 4/06 at 101.00 AAA 1,044,500
Auxiliary Organization Revenue Certificates of Participation,
University Corporation - California State University -
Northridge, Series 1996, 6.000%, 4/01/26 - AMBAC Insured
1,615 University of California, Certificates of Participation, 1/10 at 101.00 Aa2 1,707,168
San Diego and Sacramento Campus Projects, Series 2002A,
5.250%, 1/01/21
7,500 University of California, Revenue Bonds, Multiple Purpose 9/08 at 101.00 AA 7,772,925
Projects, Series 2000K, 5.300%, 9/01/30
University of California, Revenue Bonds, Research Facilities,
Series 2001E:
2,305 5.000%, 9/01/23 - AMBAC Insured 9/09 at 101.00 AAA 2,429,816
5,150 5.000%, 9/01/24 - AMBAC Insured 9/09 at 101.00 AAA 5,411,002
University of California, Revenue Bonds, Multi-Purpose Projects,
Series 2002O:
5,265 5.000%, 9/01/18 - FGIC Insured 9/10 at 101.00 AAA 5,685,621
10,255 5.000%, 9/01/19 - FGIC Insured 9/10 at 101.00 AAA 11,014,075
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 12.2% (8.0% OF TOTAL INVESTMENTS)
1,750 ABAG Finance Authority for Non-Profit Corporations, 4/12 at 100.00 A 1,883,210
California, Insured Revenue Bonds, Sansum-Santa Barbara
Medical Foundation Clinic, Series 2002A, 5.500%, 4/01/21
California Health Facilities Financing Authority, Revenue Bonds,
Cedars-Sinai Medical Center, Series 1999A:
10,400 6.125%, 12/01/30 12/09 at 101.00 A3 11,272,040
7,700 6.250%, 12/01/34 12/09 at 101.00 A3 8,403,934
4,000 California Health Facilities Financing Authority, Insured 5/05 at 100.00 A 4,017,880
Health Facility Revenue Refunding Bonds, Valley Memorial
Hospital, Series 1993A, 6.000%, 5/01/17
1,225 California State Public Works Board, Revenue Bonds, 11/14 at 100.00 AAA 1,288,749
University of California - Davis Medical Center,
Series 2004II-A, 5.000%, 11/01/23 - MBIA Insured
California Statewide Community Development Authority,
Certificates of Participation, Cedars-Sinai Medical Center,
Series 1992:
1,160 6.500%, 8/01/12 No Opt. Call A3 1,285,257
4,140 6.500%, 8/01/15 8/05 at 100.00 A3 4,151,758
39
Nuveen California Quality Income Municipal Fund, Inc. (NUC) (continued)
Portfolio of INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 1,090 California Statewide Community Development Authority, 7/15 at 100.00 BBB+ $ 1,119,517
Revenue Bonds, Daughters of Charity Health System,
Series 2005A, 5.250%, 7/01/35 (WI, settling 3/18/05)
5,355 California Statewide Community Development Authority, No Opt. Call A 5,630,568
Revenue Bonds, Kaiser Permanente System, Series 2002E,
4.700%, 11/01/36 (Mandatory put 5/31/09)
3,110 Loma Linda, California, Hospital Revenue Bonds, 6/05 at 101.00 BB+ 3,139,732
Loma Linda University Medical Center, Series 1993A,
6.500%, 12/01/18
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.7% (1.8% OF TOTAL INVESTMENTS)
4,541 California Housing Finance Agency, Multi-Unit Rental 8/05 at 100.00 Aa3 4,631,638
Housing Revenue Bonds, Series 1992B-II, 6.700%, 8/01/15
1,000 California Statewide Community Development Authority, 7/08 at 101.00 BBB 1,052,360
Revenue Refunding Bonds, Irvine Apartment Communities
Development, Series 1998A, 5.100%, 5/15/25
(Mandatory put 5/17/10)
1,755 Stanton, California, Multifamily Housing Revenue Bonds, 8/07 at 102.00 AAA 1,852,947
Continental Gardens Apartments, Series 1997,
5.625%, 8/01/29 (Alternative Minimum Tax) (Mandatory
put 8/01/09)
Yolo County Housing Authority, California, Revenue Refunding
Bonds, Russell Park Apartments, Series 1992A:
720 6.900%, 11/01/08 5/05 at 100.00 Aa2 723,643
1,030 7.000%, 11/01/14 5/05 at 100.00 Aa2 1,033,904
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.1% (0.0% OF TOTAL INVESTMENTS)
180 Riverside County, California, GNMA Mortgage-Backed No Opt. Call AAA 181,622
Securities Program Single Family Mortgage Revenue Bonds,
Series 1989B, 7.600%, 11/01/19 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 26.2% (17.3% OF TOTAL INVESTMENTS)
1,900 Azusa Unified School District, Los Angeles County, California, 7/12 at 100.00 AAA 2,097,733
General Obligation Bonds, Series 2002, 5.375%, 7/01/20 -
FSA Insured
13,665 California, General Obligation Veterans Welfare Bonds, 6/05 at 101.00 AA- 13,746,717
Series 1997BH, 5.600%, 12/01/32 (Alternative Minimum Tax)
1,500 California, Various Purpose General Obligation Bonds, 6/10 at 100.00 A 1,642,635
Series 2000, 5.500%, 6/01/25
6,085 California, General Obligation Veterans Welfare Bonds, 12/06 at 102.00 AA- 6,279,903
Series 1997BJ, 5.700%, 12/01/32 (Alternative Minimum Tax)
2,000 California, General Obligation Refunding Bonds, Series 2002, 4/12 at 100.00 A 2,099,040
5.250%, 4/01/32
7,500 California, Various Purpose General Obligation Bonds, 6/11 at 100.00 A 7,858,950
Series 2001, 5.125%, 6/01/22
California, General Obligation Bonds, Series 2003:
3,750 5.250%, 11/01/19 - RAAI Insured 11/13 at 100.00 AA 4,104,900
500 5.250%, 2/01/33 2/13 at 100.00 A 526,960
6,300 California, General Obligation Bonds, Series 2004, 4/14 at 100.00 A 6,691,986
5.200%, 4/01/26
5,440 Coast Community College District, Orange County, California, 8/13 at 100.00 AAA 5,766,944
General Obligation Refunding Bonds, Series 2003A,
5.000%, 8/01/22 - MBIA Insured
1,615 Compton Unified School District, Los Angeles County, 9/13 at 100.00 AAA 1,794,217
California, General Obligation Bonds, Series 2003A,
5.375%, 9/01/19 - MBIA Insured
1,370 Fremont-Newark Community College District, Alameda 8/11 at 101.00 AAA 1,513,754
County, California, General Obligation Bonds, Series 2002A,
5.375%, 8/01/20 - MBIA Insured
5,255 Livermore Valley Joint Unified School District, Alameda 8/11 at 100.00 AAA 5,497,466
County, California, General Obligation Bonds, Election of
1999, Series 2001, 5.125%, 8/01/26 - FSA Insured
2,000 Los Angeles Unified School District, California, General 7/10 at 100.00 AAA 2,149,880
Obligation Bonds, Series 2000D, 5.375%, 7/01/25 -
FGIC Insured
1,170 Los Angeles Unified School District, California, General 7/13 at 100.00 AAA 1,262,301
Obligation Bonds, Series 2003F, 5.000%, 7/01/17 -
FSA Insured
2,375 Moreno Valley Unified School District, Riverside County, 8/14 at 100.00 AAA 2,577,968
California, General Obligation Bonds, Series 2004A,
5.250%, 8/01/24 - FSA Insured
40
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 6,760 San Diego Unified School District, San Diego County, 7/13 at 101.00 AAA $ 7,568,496
California, General Obligation Bonds, Series 2003E,
5.250%, 7/01/21 - FSA Insured
5,055 San Joaquin Delta Community College District, California, 8/15 at 100.00 AAA 5,299,763
General Obligation Bonds, Series 2005A, 5.000%, 8/01/29 -
FSA Insured
6,865 San Ramon Valley Unified School District, Contra Costa 8/13 at 100.00 AAA 7,266,053
County, California, General Obligation Bonds, Series 2003,
5.000%, 8/01/23 - FSA Insured
1,390 South Pasadena Unified School District, Los Angeles County, 8/13 at 100.00 AAA 1,473,539
California, General Obligation Bonds, Series 2003A,
5.000%, 8/01/22 - FGIC Insured
3,925 West Contra Costa Unified School District, Contra Costa 8/11 at 101.00 AAA 4,138,756
County, California, General Obligation Bonds, Series 2003B,
5.000%, 8/01/23 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 38.1% (25.1% OF TOTAL INVESTMENTS)
1,200 Burbank Public Financing Authority, California, Revenue 12/12 at 100.00 AAA 1,273,176
Bonds, West Olive Redevelopment Project, Series 2002,
5.125%, 12/01/22 - AMBAC Insured
7,160 California, Economic Recovery Revenue Bonds, 7/14 at 100.00 AA- 7,821,154
Series 2004A, 5.000%, 7/01/15
3,070 California State Public Works Board, Lease Revenue Bonds, 12/12 at 100.00 AAA 3,348,203
Department of General Services, Capital East End Project,
Series 2002A, 5.250%, 12/01/16 - AMBAC Insured
5,115 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A- 5,684,606
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.500%, 6/01/20
2,000 California State Public Works Board, Lease Revenue Bonds, No Opt. Call AAA 2,237,300
Department of Corrections, Susanville State Prison,
Series 1993D, 5.250%, 6/01/15 - FSA Insured
2,030 California State Public Works Board, Lease Revenue Bonds, 3/12 at 100.00 AAA 2,176,708
Department of General Services, Series 2002C,
5.250%, 3/01/21 - AMBAC Insured
1,750 California State Public Works Board, Lease Revenue Bonds, No Opt. Call AAA 1,956,483
Department of Corrections, Series 1993E, 5.500%, 6/01/15 -
MBIA Insured
Commerce Community Development Commission, California, Tax
Allocation Refunding Bonds, Merged Area Development Projects 2
and 3, Series 1998A:
1,000 5.650%, 8/01/18 8/08 at 102.00 N/R 1,034,970
2,765 5.700%, 8/01/28 8/08 at 102.00 N/R 2,804,069
3,065 Corona-Norco Unified School District, Riverside County, 9/13 at 100.00 AAA 3,330,460
California, Special Tax Bonds, Community Facilities
District 98-1, Series 2003, 5.500%, 9/01/33 - MBIA Insured
3,000 Daly City Housing Development Finance Agency, California, 12/13 at 102.00 A- 3,120,540
Mobile Home Park Revenue Bonds, Franciscan Mobile
Home Park Project, Series 2002A, 5.850%, 12/15/32
2,725 Fresno, California, Certificates of Participation, Street 6/05 at 100.00 A+ 2,752,114
Improvement Project, Series 1991, 6.625%, 12/01/11
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B:
5,000 5.625%, 6/01/33 6/13 at 100.00 A- 5,432,550
2,500 5.625%, 6/01/38 6/13 at 100.00 A- 2,716,275
1,000 Independent Cities Lease Finance Authority, California, 11/14 at 100.00 N/R 1,015,740
Revenue Bonds, Morgan Hill, Hacienda Valley Mobile
Home Park, Series 2004A, 5.950%, 11/15/39
1,910 Industry Urban Development Agency, California, Tax 5/07 at 101.50 AAA 2,039,307
Allocation Refunding Bonds, Civic, Recreational and
Industrial Redevelopment Project 1, Series 2002,
5.500%, 5/01/19 - MBIA Insured
2,285 Irvine, California, Mobile Home Park Revenue Bonds, 3/08 at 102.00 N/R 2,385,380
Meadows Mobile Home Park, Series 1998A, 5.700%, 3/01/18
1,350 Los Angeles Community Redevelopment Agency, California, 3/13 at 100.00 BBB- 1,371,006
Subordinate Lien Tax Allocation Bonds, Bunker Hill
Redevelopment Project, Series 2004L, 5.100%, 3/01/19
8,000 Los Angeles County Metropolitan Transportation Authority, 7/10 at 101.00 AAA 8,599,760
California, Proposition C Second Senior Lien Sales Tax
Revenue Bonds, Series 2000A, 5.250%, 7/01/25 -
FGIC Insured
4,850 Los Angeles County Metropolitan Transportation Authority, 7/13 at 100.00 AAA 5,258,904
California, Proposition A First Tier Senior Sales Tax Revenue
Bonds, Series 2003A, 5.000%, 7/01/16 - FSA Insured
41
Nuveen California Quality Income Municipal Fund, Inc. (NUC) (continued)
Portfolio of INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,005 Monterey County, California, Certificates of Participation, 8/11 at 100.00 Aaa $ 3,155,460
Master Plan Financing, Series 2001, 5.000%, 8/01/20 -
MBIA Insured
14,160 Oakland State Building Authority, California, Lease Revenue 4/08 at 101.00 AAA 14,805,130
Bonds, Elihu M. Harris State Office Building, Series 1998A,
5.000%, 4/01/23 - AMBAC Insured
2,470 Oceanside, California, Mobile Home Park Revenue Bonds, 3/08 at 102.00 N/R 2,485,413
Laguna Vista Mobile Estates Acquisition Project,
Series 1998, 5.800%, 3/01/28
15,300 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call AAA 21,440,043
County, California, Revenue Refunding Bonds,
Redevelopment Project 1, Series 1995,
7.400%, 8/01/25 - MBIA Insured
5,200 Orange County, California, Recovery Certificates of 7/06 at 102.00 AAA 5,521,880
Participation, Series 1996A, 6.000%, 7/01/26 - MBIA Insured
Redding Redevelopment Agency, California, Tax Allocation
Bonds, Canby-Hilltop-Cypress Area Project, Series 2003A:
1,500 5.000%, 9/01/17 - MBIA Insured 9/13 at 100.00 AAA 1,619,625
1,500 5.000%, 9/01/20 - MBIA Insured 9/13 at 100.00 AAA 1,604,370
4,320 Richmond Joint Powers Financing Authority, California, 9/13 at 100.00 AAA 4,649,702
Tax Allocation Bonds, Series 2003A, 5.250%, 9/01/22 -
MBIA Insured
3,040 Riverside County, California, Mobile Home Park Revenue 3/09 at 102.00 N/R 2,961,781
Bonds, Bravo Mobile Home Park Project, Series 1999A,
5.900%, 3/20/29
2,500 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA 2,652,300
Refunding Bonds, Convention Center Project,
Series 2001F, 5.000%, 9/01/20 - MBIA Insured
2,000 San Jose Unified School District, Santa Clara County, 6/07 at 101.00 AAA 2,142,180
California, Certificates of Participation, Series 1999,
5.750%, 6/01/24 - MBIA Insured
2,770 Santa Ana Community Redevelopment Agency, Orange 9/13 at 100.00 AAA 2,952,654
County, California, Tax Allocation Refunding Bonds, South
Main Street Redevelopment, Series 2003B,
5.000%, 9/01/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.9% (8.5% OF TOTAL INVESTMENTS)
11,000 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 8,999,320
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/29
2,000 Orange County Transportation Authority, California, 8/13 at 100.00 AAA 2,138,820
Toll Road Revenue Bonds, 91 Express Lanes Project,
Series 2003A, 5.000%, 8/15/20 - AMBAC Insured
2,685 Sacramento County, California, Airport System Revenue 7/12 at 100.00 AAA 2,919,696
Bonds, Series 2002A, 5.250%, 7/01/21 - FSA Insured
20,000 San Francisco Airports Commission, California, Revenue 5/10 at 101.00 AAA 21,645,600
Bonds, San Francisco International Airport, Second
Series 2000, Issue 25, 5.750%, 5/01/30 (Alternative
Minimum Tax) - FSA Insured
San Francisco Airports Commission, California, Revenue Refunding
Bonds, San Francisco International Airport, Second Series 2002,
Issue 28A:
1,480 5.250%, 5/01/17 (Alternative Minimum Tax) - MBIA Insured 5/12 at 100.00 AAA 1,577,680
3,865 5.250%, 5/01/19 (Alternative Minimum Tax) - MBIA Insured 5/12 at 100.00 AAA 4,102,852
3,000 San Francisco Airports Commission, California, Revenue 5/12 at 100.00 AAA 3,248,460
Refunding Bonds, San Francisco International Airport,
Second Series 2002, Issue 28B, 5.250%, 5/01/22 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 14.5% (9.5% OF TOTAL INVESTMENTS)
8,000 California Pollution Control Financing Authority, Solid Waste 7/05 at 100.00 Aaa 9,302,880
Disposal Revenue Bonds, North County Recycling Center,
Series 1991A, 6.750%, 7/01/17
12,805 Contra Costa County, California, GNMA Mortgage-Backed No Opt. Call AAA 18,520,256
Securities Program Home Mortgage Revenue Bonds,
Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax)
5,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 5,511,400
Obligation Bonds, Series 2000A, 5.500%, 10/01/32
13,525 San Bernardino County, California, GNMA Mortgage-Backed No Opt. Call AAA 16,822,936
Securities Program Single Family Home Mortgage
Revenue Bonds, Series 1989A, 7.750%, 11/01/14
(Alternative Minimum Tax)
42
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 14.7% (9.7% OF TOTAL INVESTMENTS)
$ 10,000 California Pollution Control Financing Authority, Revenue 6/05 at 100.00 A3 $ 10,131,000
Bonds, Southern California Edison Company, Series 1991,
6.900%, 12/01/17 (Alternative Minimum Tax)
California Department of Water Resources, Power Supply
Revenue Bonds, Series 2002A:
2,500 5.375%, 5/01/17 - XLCA Insured 5/12 at 101.00 AAA 2,776,675
9,000 5.125%, 5/01/18 5/12 at 101.00 A2 9,667,080
1,200 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 1,277,772
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
1,500 Merced Irrigation District, California, Revenue Refunding 9/05 at 102.00 Baa3 1,542,360
Bonds, Electric System Project, Series 2001, 6.500%, 9/01/22
5,000 Merced Irrigation District, California, Revenue Certificates 9/13 at 102.00 Baa3 5,215,650
of Participation, Electric System Project, Series 2003,
5.700%, 9/01/36
1,705 Redlands, California, Certificates of Participation Refunding, 3/05 at 100.00 AAA 1,711,956
Capital Improvement Projects, Series 1992,
6.800%, 3/01/07 - AMBAC Insured
2,410 Sacramento Municipal Utility District, California, Electric 8/12 at 100.00 AAA 2,633,576
Revenue Refunding Bonds, Series 2002Q, 5.250%, 8/15/21 -
FSA Insured
Sacramento Municipal Utility District, California, Electric
Revenue Bonds, Series 2004T:
2,500 5.250%, 5/15/22 - FGIC Insured 5/14 at 100.00 AAA 2,727,625
2,500 5.250%, 5/15/23 - FGIC Insured No Opt. Call AAA 2,717,600
5,500 Southern California Public Power Authority, Revenue Bonds, No Opt. Call A 6,465,635
Multiple Projects, Series 1989, 6.750%, 7/01/11
4,000 Southern California Public Power Authority, Revenue Bonds, 7/13 at 100.00 AAA 4,250,520
Magnolia Power Project, Series 2003-1A, 5.000%, 7/01/20 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.2% (4.1% OF TOTAL INVESTMENTS)
7,040 California Statewide Community Development Authority, 10/13 at 101.00 AAA 7,620,166
Water and Wastewater Revenue Bonds, Pooled Financing
Program, Series 2004A, 5.250%, 10/01/24 - FSA Insured
Goleta Water District, California, Certificates of Participation
Revenue Bonds, Series 2003:
1,000 5.250%, 12/01/20 - MBIA Insured 12/13 at 100.00 AAA 1,094,940
1,440 5.250%, 12/01/21 - MBIA Insured 12/13 at 100.00 AAA 1,571,803
1,205 5.250%, 12/01/22 - MBIA Insured 12/13 at 100.00 AAA 1,311,859
500 Norco, California, Certificates of Participation Refunding, 10/08 at 102.00 AAA 520,390
Water and Sewerage System Improvement Project,
Series 1998, 5.125%, 10/01/28 - AMBAC Insured
5,375 San Francisco City and County Public Utilities Commission, 11/12 at 100.00 AAA 5,778,015
California, Water Revenue Bonds, Series 2002A,
5.000%, 11/01/19 - MBIA Insured
Turlock Public Finance Authority, California, Sewerage
Revenue Bonds, Series 2003A:
1,565 5.000%, 9/15/19 - FGIC Insured 9/13 at 100.00 AAA 1,681,420
1,650 5.000%, 9/15/20 - FGIC Insured 9/13 at 100.00 AAA 1,764,972
------------------------------------------------------------------------------------------------------------------------------------
$ 484,681 Total Long-Term Investments (cost $487,170,324) - 151.2% 524,266,925
=============-----------------------------------------------------------------------------------------------------------------------
43
Nuveen California Quality Income Municipal Fund, Inc. (NUC) (continued)
Portfolio of INVESTMENTS February 28, 2005 (Unaudited)
PRINCIPAL MARKET
AMOUNT (000) DESCRIPTION(1) RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.7% (0.5% OF TOTAL INVESTMENTS)
$ 2,500 Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, A-1+ $ 2,500,000
Los Medanos Community Development Project, Variable Rate Demand
Obligations, Series 2004A, 1.760%, 9/01/35 - AMBAC Insured +
------------------------------------------------------------------------------------------------------------------------------------
$ 2,500 Total Short-Term Investments (cost $2,500,000) 2,500,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $489,670,324) - 151.9% 526,766,925
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 4,974,915
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.4)% (185,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 346,741,840
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that in
effect at the end of the reporting period. This rate
changes periodically based on market conditions or a
specified market index.
See accompanying notes to financial statements.
44
Statement of
ASSETS AND LIABILITIES February 28, 2005 (Unaudited)
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value
(cost $237,024,564, $285,669,536,
$181,064,226, $299,833,705,
$520,403,656 and $489,670,324,
respectively) $257,243,325 $304,854,834 $198,304,682 $321,702,953 $558,516,635 $526,766,925
Cash -- -- 1,485,125 -- 1,132,664 --
Receivables:
Interest 3,396,525 3,940,604 2,379,060 4,785,943 7,115,444 7,595,853
Investments sold 232,600 -- -- 3,030,000 -- 790,000
Other assets 14,730 31,482 11,293 26,891 48,669 37,796
------------------------------------------------------------------------------------------------------------------------------------
Total assets 260,887,180 308,826,920 202,180,160 329,545,787 566,813,412 535,190,574
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 1,626,434 134,039 -- 3,263,010 -- 1,950,207
Payable for investments purchased 544,803 647,596 4,240,863 678,434 10,356,388 1,120,444
Accrued expenses:
Management fees 113,875 150,373 97,383 158,857 268,378 256,925
Other 67,945 53,059 24,434 60,933 143,005 86,207
Preferred share dividends payable N/A 11,675 8,133 34,763 40,226 34,951
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 2,353,057 996,742 4,370,813 4,195,997 10,807,997 3,448,734
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at
liquidation value N/A 106,000,000 68,000,000 112,000,000 192,000,000 185,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares $258,534,123 $201,830,178 $129,809,347 $213,349,790 $364,005,415 $346,741,840
====================================================================================================================================
Common shares outstanding 25,241,808 12,965,742 8,154,681 13,580,232 23,096,654 21,999,728
====================================================================================================================================
Net asset value per Common share
outstanding (net assets
applicable to Common
shares, divided by
Common shares outstanding) $ 10.24 $ 15.57 $ 15.92 $ 15.71 $ 15.76 $ 15.76
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value
per share $ 252,418 $ 129,657 $ 81,547 $ 135,802 $ 230,967 $ 219,997
Paid-in surplus 237,577,056 181,322,481 113,657,753 189,659,206 322,047,028 306,481,101
Undistributed net
investment income 25,071 1,107,933 1,334,435 1,466,493 3,454,392 2,536,861
Accumulated net realized
gain (loss)
from investments 460,817 84,809 (2,504,844) 219,041 160,049 407,280
Net unrealized appreciation of
investments 20,218,761 19,185,298 17,240,456 21,869,248 38,112,979 37,096,601
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable
to Common shares $258,534,123 $201,830,178 $129,809,347 $213,349,790 $364,005,415 $346,741,840
====================================================================================================================================
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
45
Statement of
OPERATIONS Six Months Ended February 28, 2005 (Unaudited)
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $6,711,410 $7,555,636 $4,968,120 $7,973,720 $13,919,439 $13,595,614
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 716,456 968,311 623,939 1,022,033 1,723,875 1,645,822
Preferred shares - auction fees N/A 131,411 84,301 138,849 238,028 229,349
Preferred shares - dividend
disbursing agent fees N/A 14,876 9,917 9,917 14,876 14,876
Shareholders' servicing agent fees
and expenses 22,556 13,765 8,097 12,236 17,234 15,293
Custodian's fees and expenses 32,800 29,540 16,287 31,301 59,683 52,989
Directors' fees and expenses 2,506 3,268 2,335 2,815 4,370 4,667
Professional fees 8,439 22,820 16,089 10,749 11,075 14,882
Shareholders' reports - printing
and mailing expenses 12,463 12,387 8,270 11,967 20,709 18,902
Stock exchange listing fees 5,904 5,409 5,409 5,409 5,409 5,427
Investor relations expense 19,538 20,963 11,566 22,104 34,704 35,140
Other expenses 5,917 14,936 12,846 16,432 20,166 20,348
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian
fee credit 826,579 1,237,686 799,056 1,283,812 2,150,129 2,057,695
Custodian fee credit (6,902) (5,611) (5,272) (8,640) (15,886) (5,398)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 819,677 1,232,075 793,784 1,275,172 2,134,243 2,052,297
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 5,891,733 6,323,561 4,174,336 6,698,548 11,785,196 11,543,317
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
Net realized gain from investments 463,107 363,714 24,367 219,737 580,939 457,572
Change in net unrealized
appreciation (depreciation)
of investments 2,623,022 2,808,062 2,111,094 2,566,522 5,730,928 7,768,113
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain 3,086,129 3,171,776 2,135,461 2,786,259 6,311,867 8,225,685
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED
SHAREHOLDERS
From net investment income N/A (591,351) (378,451) (644,262) (1,149,233) (1,083,632)
From accumulated net realized
gains from investments N/A (129,312) -- (86,722) (130,670) (116,424)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Preferred
shareholders N/A (720,663) (378,451) (730,984) (1,279,903) (1,200,056)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from operations $8,977,862 $8,774,674 $5,931,346 $8,753,823 $16,817,160 $18,568,946
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
46
Statement of
CHANGES IN NET ASSETS (Unaudited)
CALIFORNIA VALUE (NCA) CALIFORNIA PERFORMANCE PLUS (NCP) CALIFORNIA OPPORTUNITY (NCO)
--------------------------------- --------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/28/05 8/31/04 2/28/05 8/31/04 2/28/05 8/31/04
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 5,891,733 $ 12,008,252 $ 6,323,561 $ 12,851,702 $ 4,174,336 $ 8,410,461
Net realized gain from investments 463,107 2,319,697 363,714 2,167,610 24,367 742,324
Change in net unrealized
appreciation (depreciation)
of investments 2,623,022 6,308,476 2,808,062 8,089,622 2,111,094 6,419,737
Distributions to Preferred
Shareholders:
From net investment income N/A N/A (591,351) (780,694) (378,451) (503,354)
From accumulated net realized
gains from investments N/A N/A (129,312) (71) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from operations 8,977,862 20,636,425 8,774,674 22,328,169 5,931,346 15,069,168
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (5,974,141) (12,049,077) (6,029,073) (12,427,198) (3,865,320) (7,763,200)
From accumulated net
realized gains
from investments (2,019,942) (1,785,958) (2,222,318) (2,579) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Common
shareholders (7,994,083) (13,835,035) (8,251,391) (12,429,777) (3,865,320) (7,763,200)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net
assets applicable
to Common shares 983,779 6,801,390 523,283 9,898,392 2,066,026 7,305,968
Net assets applicable to Common
shares at the beginning
of period 257,550,344 250,748,954 201,306,895 191,408,503 127,743,321 120,437,353
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $258,534,123 $257,550,344 $201,830,178 $201,306,895 $129,809,347 $127,743,321
====================================================================================================================================
Undistributed net
investment income
at the end of period $ 25,071 $ 107,479 $ 1,107,933 $ 1,404,796 $ 1,334,435 $ 1,403,870
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
47
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
CALIFORNIA INVESTMENT
QUALITY (NQC) CALIFORNIA SELECT QUALITY (NVC) CALIFORNIA QUALITY INCOME (NUC)
--------------------------------- -------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
2/28/05 8/31/04 2/28/05 8/31/04 2/28/05 8/31/04
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 6,698,548 $ 13,589,096 $ 11,785,196 $ 24,132,385 $ 11,543,317 $ 23,205,072
Net realized gain from investments 219,737 2,364,123 580,939 3,395,405 457,572 2,114,115
Change in net unrealized
appreciation (depreciation)
of investments 2,566,522 7,064,201 5,730,928 14,117,283 7,768,113 13,820,855
Distributions to Preferred
Shareholders:
From net investment income (644,262) (844,306) (1,149,233) (1,397,366) (1,083,632) (1,484,370)
From accumulated net realized
gains from investments (86,722) (108,863) (130,670) (138,177) (116,424) (66,203)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from operations 8,753,823 22,064,251 16,817,160 40,109,530 18,568,946 37,589,469
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (6,477,771) (13,143,809) (11,432,662) (22,364,963) (10,955,864) (22,324,260)
From accumulated net
realized gains
from investments (1,435,415) (1,385,531) (2,316,774) (1,699,283) (1,744,585) (1,020,300)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Common
shareholders (7,913,186) (14,529,340) (13,749,436) (24,064,246) (12,700,449) (23,344,560)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- -- -- -- -- 348,755
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares 840,637 7,534,911 3,067,724 16,045,284 5,868,497 14,593,664
Net assets applicable to
Common shares at the
beginning of period 212,509,153 204,974,242 360,937,691 344,892,407 340,873,343 326,279,679
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $213,349,790 $212,509,153 $364,005,415 $360,937,691 $346,741,840 $340,873,343
====================================================================================================================================
Undistributed net
investment income
at the end of period $ 1,466,493 $ 1,889,978 $ 3,454,392 $ 4,251,091 $ 2,536,861 $ 3,033,040
====================================================================================================================================
See accompanying notes to financial statements.
48
Notes to
FINANCIAL STATEMENTS(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The California funds (the "Funds") covered in this report and their
corresponding Common share New York Stock Exchange symbols are Nuveen California
Municipal Value Fund, Inc. (NCA), Nuveen California Performance Plus Municipal
Fund, Inc. (NCP), Nuveen California Municipal Market Opportunity Fund, Inc.
(NCO), Nuveen California Investment Quality Municipal Fund, Inc. (NQC), Nuveen
California Select Quality Municipal Fund, Inc. (NVC) and Nuveen California
Quality Income Municipal Fund, Inc. (NUC). The Funds are registered under the
Investment Company Act of 1940, as amended, as closed-end, diversified
management investment companies.
Each Fund seeks to provide current income exempt from both regular federal and
California state income taxes by investing primarily in a diversified portfolio
of municipal obligations issued by state and local government authorities within
the state of California.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. When price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service or, in the absence of a pricing service for a
particular security, the Board of Directors of the Funds, or its designee, may
establish fair market value using a wide variety of market data including yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, market quotes or indications of value from securities
dealers, evaluations of anticipated cash flows or collateral, general market
conditions and other information and analysis, including the obligor's credit
characteristics considered relevant by the pricing service of the Board of
Directors' designee. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Securities purchased on a when-issued or delayed delivery basis may have
extended settlement periods. Any securities so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At February 28, 2005,
California Value (NCA), California Performance Plus (NCP), California
Opportunity (NCO), California Investment Quality (NQC), California Select
Quality (NVC), and California Quality Income (NUC), had outstanding when-issued
purchase commitments of $544,803, $647,596, $3,186,774, $678,434, $8,522,273,
and $1,120,444, respectively.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Professional Fees
Professional fees presented in the Statement of Operations consist of legal fees
incurred in the normal course of operations, audit fees, tax consulting fees
and, in some cases, workout expenditures. Workout expenditures are incurred in
an attempt to protect or enhance an investment, or to pursue other claims or
legal actions on behalf of the Fund's shareholders.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal and California state
income taxes, to retain such tax-exempt status when distributed to shareholders
of the Funds. Net realized capital gains and ordinary income distributions paid
by the Funds are subject to federal taxation.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
49
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S.
generally accepted accounting principles.
Preferred Shares
California Value (NCA) is not authorized to issue Preferred shares. The Funds
below have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage. Each Fund's Preferred shares
are issued in more than one Series. The dividend rate on each Series is
determined every seven days, pursuant to a dutch auction process overseen by the
auction agent, and is payable weekly at the end of each rate period. The number
of Preferred shares outstanding, by Series and in total, for each Fund is as
follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCP) (NCO) (NQC) (NVC) (NUC)
--------------------------------------------------------------------------------------
Number of shares:
Series M -- -- 3,600 -- 1,400
Series T 1,800 -- -- 2,400 --
Series W 640 2,200 880 1,680 3,000
Series TH -- -- -- 3,600 --
Series F 1,800 520 -- -- 3,000
--------------------------------------------------------------------------------------
Total 4,240 2,720 4,480 7,680 7,400
======================================================================================
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the six months ended February 28, 2005.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Indemnifications
Under the Funds' organizational documents, their Officers and Directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Funds. In addition, in the normal course of business, the Funds
enter into contracts that provide general indemnifications to other parties. The
Funds' maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
Transactions in Common shares were as follows:
CALIFORNIA CALIFORNIA CALIFORNIA
VALUE (NCA) PERFORMANCE PLUS (NCP) OPPORTUNITY (NCO)
------------------------ ------------------------- -----------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
2/28/05 8/31/04 2/28/05 8/31/04 2/28/05 8/31/04
------------------------------------------------------------------------------------------------------------------------
Shares issued to shareholders due to
reinvestment of distributions -- -- -- -- -- --
========================================================================================================================
50
CALIFORNIA CALIFORNIA CALIFORNIA
INVESTMENT QUALITY (NQC) SELECT QUALITY (NVC) QUALITY INCOME (NUC)
------------------------ ------------------------- -----------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
2/28/05 8/31/04 2/28/05 8/31/04 2/28/05 8/31/04
------------------------------------------------------------------------------------------------------------------------
Shares issued to shareholders due to
reinvestment of distributions -- -- -- -- -- 22,300
========================================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended February 28, 2005, were as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
---------------------------------------------------------------------------------------------------------
Purchases $4,821,902 $6,879,891 $4,239,474 $4,088,391 $38,332,905 $14,180,409
Sales and maturities 5,750,463 8,605,693 1,245,000 5,973,375 17,073,272 16,646,385
=========================================================================================================
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the treatment of paydown gains and losses on investments,
timing differences in recognizing income on taxable market discount securities
and timing differences in recognizing certain gains and losses on security
transactions.
At February 28, 2005, the cost of investments was as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
------------------------------------------------------------------------------------------------------------------
Cost of investments $236,960,217 $285,576,103 $180,781,009 $299,420,448 $520,392,983 $489,452,031
==================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at February 28, 2005, were as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $20,421,367 $19,933,041 $17,977,710 $22,329,120 $38,597,975 $37,803,792
Depreciation (138,259) (654,310) (454,037) (46,615) (474,323) (488,898)
==================================================================================================================
Net unrealized appreciation
of investments $20,283,108 $19,278,731 $17,523,673 $22,282,505 $38,123,652 $37,314,894
------------------------------------------------------------------------------------------------------------------
The tax components of undistributed net investment income and net realized gains
at August 31, 2004, the Funds' last fiscal year end, were as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
------------------------------------------------------------------------------------------------------------------
Undistributed net
tax-exempt income * $ 878,849 $2,180,066 $1,664,601 $2,591,098 $5,665,359 $4,680,149
Undistributed net
ordinary income ** 143,281 -- 26,601 -- 292,603 --
Undistributed net
long-term capital gains 2,017,652 2,239,279 -- 1,521,440 2,255,657 1,810,718
==================================================================================================================
* Undistributed net tax exempt income (on a tax basis) has not been reduced
for the dividend declared on August 2, 2004, paid on September 1, 2004.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
51
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The tax character of distributions paid during the fiscal year ended August 31,
2004, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
2004 (NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
------------------------------------------------------------------------------------------------------------------
Distributions from net
tax-exempt income $12,078,206 $12,806,121 $8,178,868 $13,787,139 $23,664,226 $23,353,732
Distributions from
net ordinary income ** 46,597 398,934 61,570 232,284 57,960 538,127
Distributions from
net long-term
capital gains 1,785,958 2,650 -- 1,465,179 1,837,461 999,516
==================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At August 31, 2004, the Funds' last fiscal year end, California Opportunity
(NCO) had unused capital loss carryforwards of $2,423,519 available for federal
income tax purposes to be applied against future capital gains, if any. If not
applied, $908,397 of the carryforwards will expire in the year 2011 and
$1,515,122 will expire in 2012.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Effective January 1, 2005, Nuveen Advisory Corp. ("NAC"), the Funds' previous
Adviser, and its affiliate, Nuveen Institutional Advisory Corp. ("NIAC"), were
merged into Nuveen Asset Management ("NAM"), each wholly owned subsidiaries of
Nuveen Investments, Inc. ("Nuveen"). As a result of the merger, NAM is now the
Adviser to all funds previously advised by either NAC or NIAC.
As approved by the Board of Directors, effective August 1, 2004, a complex-wide
management fee structure was adopted for all funds sponsored by the Adviser, or
its predecessor and its affiliates. This fee structure separates each fund's
management fee into two components - a complex-level component, based on the
aggregate amount of all fund assets managed by the Adviser, and a specific
fund-level component, based only on the amount of assets within each individual
fund. This pricing structure enables Nuveen fund shareholders to benefit from
growth in the assets within each individual fund as well as from growth in the
amount of complex-wide assets managed by the Adviser. Under no circumstances
will this pricing structure result in a fund paying management fees at a rate
higher than would otherwise have been applicable had the complex-wide management
fee structure not been implemented. As of March 31, 2005, the complex level fee
rate was .1920%; that is, the funds' effective management fees were reduced by
approximately .008%.
Effective August 1, 2004, California Value (NCA) pays an annual fund-level fee,
payable monthly, of .15% of the average daily net assets of the Fund, as well as
4.125% of the gross interest income of the Fund.
Effective August 1, 2004, the annual fund-level fee, payable monthly, for each
of the Funds (excluding California Value (NCA)) is based upon the average daily
net assets (including net assets attributable to Preferred shares) of each Fund
as follows:
AVERAGE DAILY NET ASSETS (INCLUDING
NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
52
Effective August 1, 2004, the annual complex-level fee, payable monthly, which
is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S.,
is based on the aggregate amount of total fund assets managed as follows:
COMPLEX-LEVEL ASSETS (1) COMPLEX-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion (2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
California Value (NCA) paid through July 31, 2004, an annual management fee,
payable monthly, of .35% of the average daily net assets of the Fund, as well as
4.125% of the gross interest income of the Fund.
Each Fund (excluding California Value (NCA)) paid through July 31, 2004, an
annual management fee, payable monthly, at the rates set forth below, which were
based upon the average daily net assets (including net assets attributable to
Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING
NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser. The Board of Directors has adopted a
deferred compensation plan for independent Directors that enables Directors to
elect to defer receipt of all or a portion of the annual compensation they are
entitled to receive from certain Nuveen advised Funds. Under the plan, deferred
amounts are treated as though equal dollar amounts had been invested in shares
of select Nuveen advised Funds.
6. ANNOUNCEMENT REGARDING PARENT COMPANY OF ADVISER
In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul
Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a
substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million
of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an
additional $400 million of its Nuveen shares on a "forward" basis with payment
for and settlement of these shares delayed for several months, and (D) entered
into agreements with two unaffiliated investment banking firms to sell an amount
equal to most or all of its remaining Nuveen shares for current payment but for
future settlement. The settlement of transactions (C) and (D) above would likely
be deemed to be an "assignment" (as defined in the 1940 Act) of the investment
management agreements between the Funds and NAM, which would result in the
automatic termination of each agreement under the 1940 Act. The Board of
Directors will consider approval of new ongoing investment management agreements
for each Fund and the submission of those agreements for approval by each
respective Fund's shareholders. Those agreements, if approved by a Fund's
shareholders, would take effect upon such approval. There can be no assurance
that these approvals will be obtained.
7. SUBSEQUENT EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on April 1, 2005, to shareholders of record on
March 15, 2005, as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
---------------------------------------------------------------------------------------------------------
Dividend per share $.0385 $.0745 $.0760 $.0765 $.0775 $.0800
=========================================================================================================
53
<
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------ -------------------------------
Distributions Distributions
from Net from Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
CALIFORNIA VALUE (NCA)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) $10.20 $ .23 $ .13 $ N/A $ N/A $ .36 $(.24) $(.08) $ (.32)
2004 9.93 .48 .34 N/A N/A .82 (.48) (.07) (.55)
2003 10.27 .50 (.32) N/A N/A .18 (.51) (.01) (.52)
2002 10.31 .51 (.03) N/A N/A .48 (.52) -- (.52)
2001 9.85 .51 .47 N/A N/A .98 (.52) -- (.52)
2000 9.73 .51 .12 N/A N/A .63 (.51) -- (.51)
CALIFORNIA PERFORMANCE
PLUS (NCP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 15.53 .49 .25 (.05) (.01) .68 (.47) (.17) (.64)
2004 14.76 .99 .80 (.06) -- 1.73 (.96) -- (.96)
2003 15.32 1.02 (.58) (.08) -- .36 (.92) -- (.92)
2002 15.32 1.05 .07 (.10) (.03) .99 (.89) (.10) (.99)
2001 14.96 1.12 .44 (.25) (.01) 1.30 (.90) (.04) (.94)
2000 14.85 1.22 .11 (.26) -- 1.07 (.96) -- (.96)
CALIFORNIA
OPPORTUNITY (NCO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 15.67 .51 .26 (.05) -- .72 (.47) -- (.47)
2004 14.77 1.03 .88 (.06) -- 1.85 (.95) -- (.95)
2003 15.26 1.04 (.55) (.07) -- .42 (.91) -- (.91)
2002 15.32 1.06 -- (.10) (.02) .94 (.91) (.09) (1.00)
2001 14.97 1.14 .48 (.23) (.03) 1.36 (.92) (.09) (1.01)
2000 15.06 1.25 (.07) (.29) -- .89 (.98) -- (.98)
====================================================================================================================================
Total Returns
-------------------
Based
on
Ending Common
Common Based Share
Share Ending on Net
Net Asset Market Market Asset
Value Value Value** Value**
==============================================================================
CALIFORNIA VALUE (NCA)
------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) $10.24 $ 9.6200 7.31% 3.54%
2004 10.20 9.2700 8.02 8.40
2003 9.93 9.1000 (3.55) 1.73
2002 10.27 9.9500 6.61 4.80
2001 10.31 9.8300 11.41 10.20
2000 9.85 9.3125 6.80 6.80
CALIFORNIA PERFORMANCE
PLUS (NCP)
------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 15.57 14.8500 8.83 4.43
2004 15.53 14.2600 9.65 12.00
2003 14.76 13.9000 (1.30) 2.30
2002 15.32 15.0000 1.11 6.84
2001 15.32 15.8500 7.88 9.13
2000 14.96 15.6250 (1.56) 7.68
CALIFORNIA
OPPORTUNITY (NCO)
------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 15.92 14.9000 6.47 4.68
2004 15.67 14.4500 10.63 12.86
2003 14.77 13.9500 (2.45) 2.73
2002 15.26 15.2200 (.26) 6.51
2001 15.32 16.3000 8.65 9.51
2000 14.97 16.0000 1.14 6.33
==============================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------
Before Credit After Credit***
------------------------------ ---------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
===============================================================================================================================
CALIFORNIA VALUE (NCA)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) $258,534 .64%* 4.59%* .64%* 4.59%* 2%
2004 257,550 .65 4.70 .65 4.70 28
2003 250,749 .66 4.84 .66 4.85 24
2002 259,346 .68 5.06 .68 5.07 4
2001 260,145 .70 5.14 .69 5.15 7
2000 248,375 .70 5.42 .69 5.43 36
CALIFORNIA PERFORMANCE
PLUS (NCP)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 201,830 1.23* 6.29* 1.23* 6.30* 2
2004 201,307 1.26 6.48 1.25 6.49 16
2003 191,409 1.26 6.65 1.25 6.66 30
2002 198,594 1.28 7.04 1.27 7.05 11
2001 197,642 1.26 7.57 1.25 7.59 27
2000 191,957 1.30 8.48 1.28 8.49 38
CALIFORNIA
OPPORTUNITY (NCO)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 129,809 1.25* 6.51* 1.24* 6.52* 1
2004 127,743 1.28 6.72 1.28 6.73 13
2003 120,437 1.27 6.74 1.26 6.75 16
2002 124,425 1.30 7.13 1.29 7.14 11
2001 124,296 1.30 7.68 1.28 7.69 31
2000 120,794 1.29 8.62 1.28 8.64 24
===============================================================================================================================
Preferred Shares at End of Period
-------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=======================================================================
CALIFORNIA VALUE (NCA)
-----------------------------------------------------------------------
Year Ended 8/31:
2005(a) $ N/A $ N/A $ N/A
2004 N/A N/A N/A
2003 N/A N/A N/A
2002 N/A N/A N/A
2001 N/A N/A N/A
2000 N/A N/A N/A
CALIFORNIA PERFORMANCE
PLUS (NCP)
-----------------------------------------------------------------------
Year Ended 8/31:
2005(a) 106,000 25,000 72,601
2004 106,000 25,000 72,478
2003 106,000 25,000 70,144
2002 106,000 25,000 71,838
2001 106,000 25,000 71,614
2000 106,000 25,000 70,273
CALIFORNIA
OPPORTUNITY (NCO)
-----------------------------------------------------------------------
Year Ended 8/31:
2005(a) 68,000 25,000 72,724
2004 68,000 25,000 71,964
2003 68,000 25,000 69,278
2002 68,000 25,000 70,745
2001 68,000 25,000 70,697
2000 68,000 25,000 69,410
=======================================================================
N/A Fund is not authorized to issue Preferred shares.
* Annualized.
** Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. Total Return on Common Share Net
Asset Value is the combination of changes in Common Share net asset value,
reinvested dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. Total returns are not annualized.
*** After custodian fee credit, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares, where applicable.
(a) For the six months ended February 28, 2005.
54-55 SPREAD
See accompanying notes to financial statements.
Financial HIGHLIGHTS (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------ -------------------------------
Distributions Distributions
from Net from Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA INVESTMENT
QUALITY (NQC)
Year Ended 8/31:
2005(a) $15.65 $ .49 $ .22 $(.05) $(.01) $ .65 $ (.48) $(.11) $ (.59)
2004 15.09 1.00 .70 (.06) (.01) 1.63 (.97) (.10) (1.07)
2003 15.78 1.06 (.71) (.08) -- .27 (.94) (.02) (.96)
2002 15.78 1.08 (.02) (.11) (.01) .94 (.92) (.02) (.94)
2001 14.83 1.15 .97 (.25) -- 1.87 (.92) -- (.92)
2000 14.83 1.24 (.04) (.27) -- .93 (.93) -- (.93)
CALIFORNIA SELECT
QUALITY (NVC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 15.63 .51 .28 (.05) (.01) .73 (.50) (.10) (.60)
2004 14.93 1.04 .77 (.06) (.01) 1.74 (.97) (.07) (1.04)
2003 15.53 1.05 (.63) (.07) -- .35 (.94) (.01) (.95)
2002 15.63 1.08 .01 (.08) (.04) .97 (.91) (.16) (1.07)
2001 14.90 1.18 .72 (.26) -- 1.64 (.91) -- (.91)
2000 14.80 1.21 .11 (.28) -- 1.04 (.94) -- (.94)
CALIFORNIA QUALITY
INCOME (NUC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 15.49 .52 .39 (.05) (.01) .85 (.50) (.08) (.58)
2004 14.85 1.05 .73 (.07) -- 1.71 (1.02) (.05) (1.07)
2003 15.84 1.08 (.87) (.07) (.01) .13 (1.00) (.12) (1.12)
2002 16.16 1.19 (.35) (.10) (.02) .72 (.96) (.08) (1.04)
2001 15.41 1.21 .75 (.26) -- 1.70 (.94) (.01) (.95)
2000 15.28 1.23 .16 (.29) -- 1.10 (.97) -- (.97)
====================================================================================================================================
Total Returns
-------------------
Based
on
Ending Common
Common Based Share
Share Ending on Net
Net Asset Market Market Asset
Value Value Value** Value**
==============================================================================
------------------------------------------------------------------------------
CALIFORNIA INVESTMENT
QUALITY (NQC)
Year Ended 8/31:
2005(a) $15.71 $15.3000 7.52% 4.16%
2004 15.65 14.8000 8.94 11.11
2003 15.09 14.6100 .29 1.60
2002 15.78 15.5200 (.55) 6.28
2001 15.78 16.5800 12.54 13.09
2000 14.83 15.6250 2.91 6.69
CALIFORNIA SELECT
QUALITY (NVC)
------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 15.76 15.0100 5.49 4.71
2004 15.63 14.8100 12.38 11.97
2003 14.93 14.1400 (2.78) 2.24
2002 15.53 15.5100 2.79 6.61
2001 15.63 16.1800 10.70 11.43
2000 14.90 15.5000 2.96 7.47
CALIFORNIA QUALITY
INCOME (NUC)
------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 15.76 15.4700 7.11 5.55
2004 15.49 15.0000 9.67 11.76
2003 14.85 14.6700 (2.38) .71
2002 15.84 16.1400 4.15 4.79
2001 16.16 16.5500 8.51 11.44
2000 15.41 16.1875 3.83 7.64
==============================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------
Before Credit After Credit***
------------------------------ ---------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
====================================================================================================================================
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA INVESTMENT
QUALITY (NQC)
Year Ended 8/31:
2005(a) $213,350 1.21%* 6.31%* 1.20%* 6.31%* 1%
2004 212,509 1.22 6.48 1.22 6.49 20
2003 204,974 1.21 6.73 1.21 6.73 26
2002 214,261 1.25 7.03 1.23 7.04 11
2001 213,221 1.25 7.64 1.23 7.65 34
2000 199,258 1.25 8.65 1.24 8.66 18
CALIFORNIA SELECT
QUALITY (NVC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 364,005 1.19* 6.52* 1.18* 6.53* 3
2004 360,938 1.21 6.78 1.20 6.78 14
2003 344,892 1.20 6.78 1.20 6.78 20
2002 358,632 1.23 7.14 1.22 7.15 19
2001 359,318 1.24 7.81 1.22 7.83 29
2000 340,791 1.27 8.39 1.25 8.40 20
CALIFORNIA QUALITY
INCOME (NUC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 346,742 1.20* 6.74* 1.20* 6.74* 3
2004 340,873 1.22 6.89 1.21 6.89 16
2003 326,280 1.22 6.90 1.21 6.91 46
2002 347,561 1.23 7.58 1.22 7.59 22
2001 352,693 1.23 7.77 1.21 7.78 18
2000 335,148 1.22 8.28 1.21 8.29 21
====================================================================================================================================
Preferred Shares at End of Period
--------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=================================================================================
---------------------------------------------------------------------------------
CALIFORNIA INVESTMENT
QUALITY (NQC)
Year Ended 8/31:
2005(a) $112,000 $25,000 $72,623
2004 112,000 25,000 72,435
2003 112,000 25,000 70,753
2002 112,000 25,000 72,826
2001 112,000 25,000 72,594
2000 112,000 25,000 69,477
CALIFORNIA SELECT
QUALITY (NVC)
---------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 192,000 25,000 72,397
2004 192,000 25,000 71,997
2003 192,000 25,000 69,908
2002 192,000 25,000 71,697
2001 192,000 25,000 71,786
2000 192,000 25,000 69,374
CALIFORNIA QUALITY
INCOME (NUC)
---------------------------------------------------------------------------------
Year Ended 8/31:
2005(a) 185,000 25,000 71,857
2004 185,000 25,000 71,064
2003 185,000 25,000 69,092
2002 185,000 25,000 71,968
2001 185,000 25,000 72,661
2000 185,000 25,000 70,290
=================================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. Total Return on Common Share Net
Asset Value is the combination of changes in Common Share net asset value,
reinvested dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. Total returns are not annualized.
*** After custodian fee credit, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares, where applicable.
(a) For the six months ended February 28, 2005.
See accompanying notes to financial statements.
56-57 SPREAD
Reinvest Automatically
EASILY AND CONVENIENTLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
the shares may increase before purchases are completed, the average purchase
price per share may exceed the market price at the time of valuation, resulting
in the acquisition of fewer shares than if the dividend or distribution had been
paid in shares issued by the Fund. A pro rata portion of any applicable
brokerage commissions on open market purchases will be paid by Plan
participants. These commissions usually will be lower than those charged on
individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
58
Other Useful
INFORMATION
Effective Jan. 1, 2005, the asset management services and operations of Nuveen
Advisory Corp. (NAC) and Nuveen Institutional Advisory Corp (NIAC) became part
of Nuveen Asset Management (NAM). This internal consolidation is intended to
simplify the delivery of services to the investment management clients of Nuveen
Investments. It does not affect the investment objectives or portfolio
management of any Fund.
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2004, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available without charge, upon request, by calling
Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 450 Fifth Street NW, Washington, D.C. 20549.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a
Fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the sensitivity of a bond
or bond Fund's value to changes when interest rates change. Generally, the
longer a bond or Fund's duration, the more the price of the bond or Fund will
change as interest rates change. Leverage-adjusted duration takes into account
the leveraging process for a Fund and therefore is longer than the duration of
the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage the Fund) from its total assets and then dividing
the remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
BOARD OF DIRECTORS
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or
preferred stock in the future at such times and in such amounts as is deemed
advisable. No shares were repurchased during the period covered by this report.
Any future repurchases will be reported to shareholders in the next annual or
semiannual report.
59
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing more than $115 billion in assets, Nuveen Investments offers access to a
number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; and
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
o Share prices
Learn more o Fund details
about Nuveen Funds at o Daily financial news
WWW.NUVEEN.COM/ETF o Investor education
o Interactive planning tools
Logo: NUVEEN Investments
ESA-A-0205D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Schedule I in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen California Municipal Value Fund, Inc.
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: May 6, 2005
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: May 6, 2005
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: May 6, 2005
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.